Author Topic: Well, I did it....Transferred my money out  (Read 11280 times)

Show Me The $

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Well, I did it....Transferred my money out
« on: August 21, 2013, 11:57:21 AM »
I just initiated a transfer of my cash balance. It does me no good sitting there or floating in 'funding'. I am done with LC at least under the current model. I am sick of fighting and clawing for tiny edges, it is just not worth it. GAME OVER!

WES

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Re: Well, I did it....Transferred my money out
« Reply #1 on: August 21, 2013, 12:26:09 PM »
I'm probably going to follow you, if not this week, then the next.

Show Me The $

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Re: Well, I did it....Transferred my money out
« Reply #2 on: August 21, 2013, 01:08:13 PM »
It is just too big of a battle for smallish dollar return. I have an ROI over 16% per LC and over 12% IRR per Interest Radar in my 8 months at it. Problem is, with 15k that i have in it, it is not a lot of dollars even with good returns. And so, while i love the model, this is not for me, WIll let my portfolio ride and sell accordingly on FN and Hasta La Vista

Dennis

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Re: Well, I did it....Transferred my money out
« Reply #3 on: August 21, 2013, 01:19:15 PM »
I haven't given up yet, but I think about it quite often now.  I've become a slave to the clock with both LC and Prosper, and I'm barely treading water keeping up with reinvestment.  I've been at this for 2 years, invested a sizable amount with very good returns, so I'm content to wait until another P2P player comes along.  In the meantime, I'm back to trading stocks again and doing quite well, with far less frustration. 

core

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Re: Well, I did it....Transferred my money out
« Reply #4 on: August 21, 2013, 01:38:31 PM »
Not to say I don't agree with some of what's being said here, but I was just thinking:

Wouldn't it be funny if the ones doing all the complaining were in reality secretly working for the institutions?  Coming here stirring up trouble trying to eliminate the competition?  It's something to think about.

cnmor54

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Re: Well, I did it....Transferred my money out
« Reply #5 on: August 21, 2013, 01:59:21 PM »
It's funny because the rules for P2P investing requires you to make a certain amount of income and have plenty of liquid assets (tried to find the exact criteria but too lazy to go to extremes to find it). All that working for a living makes P2P too time consuming.

On the other hand, a retired person wouldn't qualify but would have plenty of time and would really enjoy competing with the big investors and watching her money grow.

You youngins go off and invest elsewhere and leave those extra notes for me  ;D

Carol

berniemadeoff

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Re: Well, I did it....Transferred my money out
« Reply #6 on: August 21, 2013, 02:05:39 PM »
Not to say I don't agree with some of what's being said here, but I was just thinking:

Wouldn't it be funny if the ones doing all the complaining were in reality secretly working for the institutions?  Coming here stirring up trouble trying to eliminate the competition?  It's something to think about.

I'm not an institutional investor but have a decently sized individual account at LC (six figures).  So I do have a vested interest in their success and the complaining I do here is because I want to see it continue to be a sustainable, attractive place to invest.

I did start to withdraw money from Prosper earlier this year because AQI doesn't work and there's lack of 3rd party investing tools to make my life easier.
« Last Edit: August 21, 2013, 02:09:27 PM by berniemadeoff »

GS

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Re: Well, I did it....Transferred my money out
« Reply #7 on: August 21, 2013, 02:49:12 PM »
I can tell you this, I went to ordering $75 notes, and it cuts down the time considerable.  I have less invested than you, I have a 10K portfolio getting around 11%, and that's only 3 or 4 new notes per month to add through reinvestment ... plus what I sell on Folio.  I'm pricing my Notes higher on Folio so I don't sell many, by design.
« Last Edit: August 21, 2013, 02:53:15 PM by GS »

Zach

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Re: Well, I did it....Transferred my money out
« Reply #8 on: August 21, 2013, 05:46:03 PM »
I'd love to hear some thoughts on my post about using a service for auto-investing here:

http://www.lendacademy.com/forum/index.php?topic=1475.msg11032#msg11032

thezinfan

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Re: Well, I did it....Transferred my money out
« Reply #9 on: August 21, 2013, 05:51:23 PM »
GS,

I've been preaching that also. Bigger note amount = less work for investor. If you already have 100-200 notes, you should be transitioning to 50/75/100 dollar notes.

Show Me The $

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Re: Well, I did it....Transferred my money out
« Reply #10 on: August 22, 2013, 02:58:13 PM »
Yup, you got me. I am BIG institution trying to manipulate the 50-100 or so active users of this forum. NOT

cfb

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Re: Well, I did it....Transferred my money out
« Reply #11 on: August 22, 2013, 07:16:56 PM »
I decided yesterday to start drawing down my account to backfill my checking account instead of drawing off my dividends.

BTW, why would a retired person not qualify?  I'm retired, and I'm not enjoying the 5-10 times a day looking for notes and not finding any.

core

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Re: Well, I did it....Transferred my money out
« Reply #12 on: August 22, 2013, 07:25:27 PM »
I'm retired, and I'm not enjoying the 5-10 times a day looking for notes and not finding any.

I'm curious... if you're willing to check that many times a day, why not buy some notes on Folio and get that 17k invested right quick?

cfb

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Re: Well, I did it....Transferred my money out
« Reply #13 on: August 22, 2013, 07:52:56 PM »
I'm retired, and I'm not enjoying the 5-10 times a day looking for notes and not finding any.

I'm curious... if you're willing to check that many times a day, why not buy some notes on Folio and get that 17k invested right quick?

Good question.  I'm sort of forced to fall back on an old joke.  A boy doesn't speak for 8 years, then one day over lunch says "This soup is awful".  His parents exclaim "Why haven't you ever spoken before".  He replies "Up until now, the soup's been good".

Actually only sold one note on folio, which was quite late and the borrower paid and someone scooped the note before I could withdraw the sale, and I've never bought one.  Is there the same issue with a mad scramble for the "good notes" there or is it mostly lates and junk that only people in states that can't buy original notes would pick up?  Are the tax implications even more entertaining?

I like the idea of wading in and out slowly, and I had planned on using the cash thrown off eventually.  But I would like to make SOME forward progress.

I didn't mind checking often because it was just a few minutes to score a few notes here and there, when I was checking FB or email.  But its turned unproductive.  I have a 'tight' filter which up until a few weeks ago coughed up 10-20 notes at a pop and I usually bought 1/2 to 3/4 of them, and I have a looser one that used to bring up 50-60, and once in a while I'd buy a few of those.  Now the whole inventory fits on 2 screens, both filters come up with little or nothing, and the majority of what I buy doesn't fill, for whatever reason.

Is there a primer or a good writeup on buying notes through folio?

core

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Re: Well, I did it....Transferred my money out
« Reply #14 on: August 22, 2013, 08:20:00 PM »
Actually only sold one note on folio, which was quite late and the borrower paid and someone scooped the note before I could withdraw the sale

That hasn't been possible for quite a while now.  At least in theory.  Good soup joke by the way.

Is there the same issue with a mad scramble for the "good notes" there or is it mostly lates and junk that only people in states that can't buy original notes would pick up?

Sure, there are tons of lates on there.  There are also lots of overpriced notes.  But you can easily screen out the notes that are currently late by using the checkboxes they provide, and you can sort by discount % so it's not that hard to skip over the junk you don't want to see.  The interface is absolutely horrible and it does take a while to manually examine every note before purchasing.  But at least it's more profitable if you're going to spend that much time on the site anyway.

It's definitely not a mad scramble like new notes.  The reason for this is the seller dictates his asking price.  If he's asking just 0.01% markup, some people won't buy that.  Others will.  At any given point in time you should be able to locate some notes that you want to buy provided you're willing to pay a tiny bit extra.

Just now I posted about $5k in notes for sale.  Many of these notes had absolutely nothing wrong with them (never one late payment) and many were 24% interest rate notes.  There was at least one $1000 note if that's your thing.  I posted them for 4-5% markup and I don't expect them to sell there.  But I'll decrease the price each day until they do sell.  Someone wanting these at 0% markup just has to wait a little while.  It's not a mad dash for those.

Is there a primer or a good writeup on buying notes through folio?

There is New Jersey Guy's guest post on Peter's blog, which isn't a primer on using Folio but a writeup of why Folio is a good choice for investing on LC.  I recommend reading it if you're not yet sold on the idea:

Foliofn Users at Lending Club Are Not Second Class Citizens

As for a primer/tutorial, I do not know of any.  It might be a fun project to write one some day.  There isn't really all that much to learn, just get in there and start buying a few low-dollar ones as a test and see how the process works.  I can say it's way easier and faster than going through the whole loan issuance process and all those headaches.  The only thing is, there aren't any filters except the most basic stuff.

Edit:
I guess Peter did write a short Folio introduction a while ago.  It's almost 2 years old but they really haven't changed much since then:  An Introduction to the Lending Club Trading Platform
« Last Edit: August 22, 2013, 08:42:04 PM by core »