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Messages - Bilgefisher

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Investing - General (not P2P) / Re: House Flipping vs. P2P Investing
« on: January 24, 2014, 03:25:18 PM »
I only invest in p2p because I need to show reserves for loans.

Wait so are you telling me I could invest $5,000 in 95%+ discounted, bankrupt loans, giving me an "account value" of $100,000, and the bank would actually consider that full 100,000 when calculating your assets?

I suppose it depends on how they value them, but it wouldn't be to much different than my rentals.  I purchased all of them well below market value and they still count all the equity towards my net worth.  Its an interesting theory.

Investing - General (not P2P) / Re: House Flipping vs. P2P Investing
« on: January 23, 2014, 02:25:12 PM »
I only flip houses to buy more rentals.  I only invest in p2p because I need to show reserves for loans.  p2p is far better than money sitting in a bank account.  I won't touch a rental unless I can get 20% cash on cash return.  If I were to calculate in principle pay down, my returns would be much higher.  My all in costs are always under 80% of full market value, so I have built in equity as well.

Owning or flipping properties is a business and is hardly passive.  That could almost be said about the guys who clock watch attempting to get p2p loans.  I don't think it matter how you define them.  The biggest question should be, is the time commitment, risk and profit allowing you to reach your goals.  P2P serves its purpose, as does real estate investing, as does my job.


Investors - P / Re: Prosper--OK, you win!
« on: January 21, 2014, 09:49:24 AM »
I agree.  I've pulled out nearly 30% of my meager portfolio. My money has sat idle for 6 weeks. I think peter recently had a post were 95% of the money was institutional. They are no longer peer to peer lending.  Its merely another form of institutional lending.  Lending club is no better. 

Investors - LC / Re: How much discount is typical
« on: September 26, 2013, 03:12:00 PM »
Interest radar has an interesting feature that shows notes sold on folio the previous day.  He has it broken down by grade and status.  I'm amazed, but see 30-120 day late notes sell at a premium as well as a discount.

Investors - P / auto quick invest improving?
« on: September 25, 2013, 02:20:41 PM »
I have noticed an uptick in my auto quick invest loans. My quick invest is hitting at 4x the volume it was just two weeks ago.  Is this a fluke or is anyone else seeing the same trend?

Investors - LC / Re: Do I have this right?
« on: August 30, 2013, 12:02:44 PM »
One thing is for certain, reading each note prior to purchase is a thing of the past.  Doesn't matter anyway since you can't ask the borrowers questions.  With that in mind, why not use a quick invest type setup where all users get an equal shot at there preselected criteria.  LC can still have their whole loan program, and all the retail investors get an equal opportunity to invest in the remainder loans without competing API's.

I suppose I'm missing a key big picture item, but it seems like fairly simple way to give folks equal shots a loan and the ability to invest without being a clock watching speed clicker.  Just like prosper, I now have money piling up that is not being invested.

Investors - LC / Re: non issued loans are wasting my time
« on: August 01, 2013, 09:46:52 AM »
I actually prefer they originate on the 1st or 15th.  I don't want to be at the end of their paycheck but have the loans come out right after borrowers are generally paid. 

I see two issues that can be alleviated by scrubbing the loans first.  The two week delay on issuing notes and the large volume of notes that investors put money into only to have that money returned for some fault with the borrower.

I have had several notes that sit waiting for two weeks only to be canceled.  I reinvest that money and the same thing happens two weeks later.  Now I have a full month were my money sat idle.  It has happened on more than a few occasions.

If hope lending club does not do this just to give the appearance of a large volume of loans.

Investors - LC / Re: non issued loans are wasting my time
« on: July 29, 2013, 12:03:50 PM »
I'm talking about fully funded loans waiting review.  Just seems that they could review the loans prior to funding them.  They have to take the step either way, why do it first prior to investors taking their time to invest in those loans that will never be issued.

Investors - LC / non issued loans are wasting my time
« on: July 26, 2013, 11:14:07 AM »
How much money have you not gained due to non issued loans.  Around 25-50% of my loans go 2 weeks of "in funding" only to be canceled.  Two weeks of interest across a significant amount of my portfolio begins to add up.  This does not even account for lost time in locating new loans.

I appreciate the fact that LC is vetting these loans, I just wish they would do it prior to the funding point.  They have to vet the loans anyway, why not do it on the front end prior to the investor even seeing those loans?

Is there something I am missing?

Investors - P / Re: Whole Loan Program - Fair or Not?
« on: June 04, 2013, 09:16:48 AM »
Good comments Rocco. Here is my take on the Whole Loan program. It serves large investors - that is completely true and I am fine with that. Why? Because without large investors Lending Club and Prosper would cease to exist. We can complain about the unlevel playing field all we like but until the large investors came along both sites could not produce enough loan volume to get even close to breakeven.

I'm sorry, but this argument is bunk to me.  Without the small investors neither company would have made it off the ground either.  Those three months without large investors, guess who kept prosper from bleeding even more red ink.

Yes, I'm all for big money helping grow the business, but obviously I don't want to be squeezed out in the process.  I'm ready to see some good competition to LC and Prosper.

Investors - P / Re: Whole Loan Program - Fair or Not?
« on: May 31, 2013, 11:59:29 AM »
If were fair they wouldn't have had to implement it, otherwise they would have kept loans available to everyone at the same time which is obviously an equal shot.   A company does not make a change like that unless they are trying to cater to the larger investor.

Investors - P / Re: Prosper Loan Volume wayyyyyyy Down
« on: May 30, 2013, 11:15:11 AM »
Impressive numbers but worthless for those unable to find new loans to invest in. I have put in no new money in over 6 months and I'm still piling cash up that I have to take out of prosper and use elsewhere.  I really liked prosper, but they are quickly losing my business.

Investors - LC / Re: Do you consider $35,000 a red flag?
« on: May 14, 2013, 09:59:35 AM »
I am more concerned what LC is doing about the no pay defaults.

Investors - P / Re: Is Prosper turning around?
« on: April 26, 2013, 09:07:09 AM »
Sadly, I am seeing the same thing.

Investors - P / Re: Is Prosper turning around?
« on: April 25, 2013, 12:35:37 PM »
Little bit of a downswing in loans over the past week.  End of the month slowdown?

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