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Messages - neals384

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106
General P2P Lending Discussion / Re: State Work around
« on: February 01, 2013, 12:39:43 PM »
Here in Oregon the brainiacs who run our state have approved Prosper for Investors but not LC, so we don't have access to LC, even thru folio.  I have considered a few strategies without coming up with anything workable.

1)  I have a sister living in TX.  Use her address on my LC application.  Well, this would be fraud; I'm not going there even though it might work if LC doesn't run credit check on new investors.

2)  Send my sister some $, open an account in her name/social.  Send her a check annually to cover her income taxes on Prosper earnings.  And hope that she still loves me years down the line when the account has grown and is legally hers.

3)  Talk to my State Senator to see if he can get the folks in Salem to reconsider LC's application which they turned down in 2008.

4)  Wait for LC IPO.

#3 and #4 are the only viable choices, I think.

107
General P2P Lending Discussion / Re: One-and-out - Mentality
« on: February 01, 2013, 12:26:23 PM »
Here's a Prosper example.   Prosper loan was issued 1/24/12.  Chapter 13 filed 1/30/12.  Maybe there is some legal provision that could have prevented this loan being included in the chapter 13, but it didn't do us any good.

 If I had read the listing carefully I would have realized something wasn't right and saved myself $25.

https://www.prosper.com/invest/listing.aspx?listingID=552625


108
Investors - P / Re: Tax Forms Jacked-Up
« on: February 01, 2013, 10:49:26 AM »
Yikes!  I thought mine was bad when I saw all the charge-offs categorized as long-term, when in fact they were held less than one year.  Also the 1099-B transactions don't add up to the totals on the 1099-B summary.  As best I can tell, folio sales have been omitted from the detail but included in the summary.

I don't see any bogus entries, though.  Good luck getting your $4,000 entry corrected!

109
General P2P Lending Discussion / Re: One-and-out - Mentality
« on: January 30, 2013, 12:19:58 AM »
I'm sure there are some who know they're going to file BK, so why not take out a prosper loan and get some extra cash.  Now or never!

110
General P2P Lending Discussion / Re: Late Loans - Mentality
« on: January 30, 2013, 12:16:50 AM »
Lots of late loans, but not triple digits, thank goodness!  I have over 1,200 loans so 33 recoveries isn't that many.  Most folks would probably say I'm over diversified but I like it this way.

111
General P2P Lending Discussion / Re: Late Loans - Mentality
« on: January 29, 2013, 10:02:44 AM »
When a previously late loan comes back to current, I will generally wait a month (so the most recent payment is on time) and then sell it.  In the past year I have sold 33 previously late Prosper notes for an average discount of 2.1% minus folio fee for a total loss of 3.1%.

Post-sale, 2 of these notes are now defaulted, 2 are in collections and 2 are late, which is quite a bit worse than my portfolio average.  So I think I'm ahead with this strategy.

Neal

112
Investors - P / Re: Prosper Roth IRA
« on: November 12, 2012, 11:23:21 PM »
Graceful,

Thanks for letting us know about the forumatic site.  But I went there and can't find the discussions you reference.  Can you help?

Neal

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