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Messages - Half Right

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1
Last year the import into Turbotax didnt work fir me as turbotax responded that it couls not handle more than 3,000 transactions. After emailing and complaining to turbotax last year, this year it was imported successfully with over 10,000 transactions. Took awhile but i prefer filing a 270 page tax return. Makes me think they may get discouraged from looking at it too closely.
But who knows

2
Investors - LC / Re: Available now: 2017 - 1099 Consolidated Package
« on: February 03, 2018, 07:48:05 PM »
I just remembered last year even the desktop Turbotax version would not download over 3500 transactions.
I hope they finally fixed it this year

3
Introductions / Re: Members' Thoughts and Experience with StreetShares
« on: January 25, 2018, 01:18:13 PM »
What is the current burn rate at StreetShares?

4
I decided to stop reinvesting in LC when the news on LaPlanche first hit. Based on too many experiences with people having Madoff with my money etc. if the reputation gets smudged or tarnished at all , run ,dont walk away.
My portfolio has been running down since then and by luck the Private funds got sold off and closed out.
About 6 months ago I decided to look at Folio and buying "proven" notes... no more than 20 payments left, no late payments, etc etc etc. just for a test run.
I can now say in my opinion its absolutely not worth the effort.
I went back to my IT Maven who wrote the program for buying new notes directly from the platform and gave him my parameters. He comes back and said to me its a lot more work and based on his quick calculations it would not suffice for the amount of money I need to invest.
As for the notes I bought on Folio, I am not impressed with the return on those either.
There are currently much easier ways of investing large sums of money with a lot less work, while achieving higher returns with more security.
This business has become a boom to Goldman Sachs which lends out depositor money ( on which it pays 1.5%) at an average of 7% net( just my guess) and walks away with 5.5% with a ZERO investment. Now thats a nice return.


5
Not to say that the biggest is always the best but i like these 2 the most and they are some of the biggest:

1) Cadre- it doesn't hurt to have the current President as a family member (through marriage and blood). At least you get the Tax Code  changed for your benefit.
2) Lending Home- Although they have become way too aggressive in terms of "Loan to Cost" while attempting to retain some some restraint in terms of "Loan to Value", I think this has been caused as a result of their ENORMOUS growth. IMHO the best fix and flippers use them because of their super quick loan funding which gets the properties completed quickly and out on the market in the shortest time possible. What I most appreciate is that if the borrower is late or in default, they will not waste a second foreclosing and auctioning off the property.

Either way as they say in the Real estate biz Caveat Emptor

6

"Fundrise has better returns with a lot less effort and risk. Yes the money is stuck for 5 years, but at 10% a year, oh noes... ;D
For me, it was virtually riskless because I could see the late notes before they showed up as late. 
Are you still able to do this?  If so, how?"


Fundrise will gladly take your money. However please note that the Net asset value for the Income Fund is now $9.80 as opposed to $10 when the fund started. A loss of 2% in the past year. Take that off your 10% distribution and you are inline with most other crowdfunded real estate loans. However your liquidity is restricted and comes with a penalty for early withdrawal.
IMHO better deals exist

7
Investors - LC / Re: Pulling out of Lending Club and Prosper
« on: November 01, 2017, 01:25:32 PM »
I found it unbelievable that over 40 bidders were interested in buying the entire portfolio of loans from the fund. This is a tidy sum of over $300
million and it was supposedly sold at face value.
As for Lending Club i believe the entry of Marcus into the lending game (without charging a fee) and with a seemingly bottomless source of funds at a rate of 1.3% enables them to grind down the competition in time.
Goldman Sachs bank is now paying 1.3% on deposits in direct response to Capital One, however they are restricting account balances to a
maximum of $1 million. IMHO this is a direct result of Marcus's inability to deploy all the deposits as loans in a timely manner.

8
LendingRobot / Re: LendingRobot and NSR Invest join forces
« on: August 14, 2017, 03:26:20 PM »
Survival of the fittest. reminds me of 2 lions and only 1 meal on a dessert island. Lets join forces and go down with ship.

9
General Discussion / Re: PeerStreet test drive
« on: July 11, 2017, 01:44:26 PM »
as to automated investing, your name is on a list and if you get one loan, your name drops to the bottom of the list.
the demand far outstrips the supply to the point my cash drag is becoming substantial.
but the problem is not just with peersteet but with all of them.
as i am typing Lending Home also doesn't have a single loan available to invest in and they require a $5 minimum per loan.

10
Investors - LC / Re: When will LC next raise rates?
« on: April 22, 2017, 09:23:27 PM »
3 month brokered CD's at Schwab running at .95% for Bank of China last week.
Moving alot of money out of Ally Bank Demand Notes as I am becoming concerned with their subprime auto loans and the declining value of used cars.
Not a total panic but I am moving money out

11
Foliofn - LC / Re: I just made a $4500 donation to the Folio community
« on: March 30, 2017, 12:47:27 PM »
If you dont get enough contributions I recommend you switch to Auchentoshen American Oak. It is an exquisite drink and cheap as Borscht.

12
Investors - LC / Re: Worst Month Yet
« on: March 09, 2017, 04:33:50 PM »
The average age of my portfolio is now 37.5 months.
I stopped reinvesting the minute the news hit about Laplance, having learned my lesson from Madoff, Platinum Partners etc.
By luck that was the right time to stop.
All my notes were 36 month notes and I withdraw funds daily.
I should have my initial investment out in about 3 more months.
As for the yield it has been staying at a consistent 6-7% since I stopped reinvesting.
No complaints, and I will probably keep reinvesting my earnings as soon as my principal is out.

13
Foliofn - LC / Re: Is this legal?
« on: March 09, 2017, 04:19:13 PM »
Not only is it illegal but this used to be done on the stock exchange by trading between accounts at different brokers. The beauty was if you picked a stock that wasn't heavily traded you could go back and forth 10 times in 1 might as long as no other bids or asks were showing on Level II.

Unfortunately, it is illegal and in addition (1) if the trade takes place more than 10% from that days range, you brokers compliance officer will call and probably cancel the trade and (2) those High frequency trading bots will pick off your trade before it makes it.

Oh those good old days!!!

14
Investors - LC / How can LC compete with this?
« on: February 13, 2017, 01:27:52 PM »
"Finally, for the most glaring example of how technology impacts new Goldman product lines, consider that Goldman’s new consumer lending platform, Marcus, aimed at consolidation of credit card balances, is entirely run by software, with no human intervention, according to the CFO. It was nurtured like a small startup within the firm and launched in just 12 months, he said. "

15
Investors - LC / Re: Worst Month Yet
« on: November 29, 2016, 02:47:28 PM »
out of 12 portfolios my worst performing portfolio was the one invested by LC.

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