Author Topic: First  (Read 24913 times)

Bohb Daishi

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First
« on: March 11, 2014, 03:04:45 AM »
Had to do it.  ;)


On a more serious note, how many of you actively purchase notes on Prosper's secondary market?
There are three ways to make a living in this business: be first, be smarter, or cheat.

core

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Re: First
« Reply #1 on: March 11, 2014, 03:29:07 AM »
Thanks for ruining my idea, Bohb.  I was going to post a fake sticky about how this subforum is empty because Prosper sucks.

But to answer your question, I buy notes on Prosper occasionally.  Prosper sucks because the notes don't show up after you buy them. I hate to sound like a broken record. There is absolutely no reason any sane investor would use Prosper.  Prosper sucks.   I've posted my "list" in the Prosper forum at least once.  Investors, stay away from Prosper.

Keltset

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Re: First
« Reply #2 on: March 11, 2014, 10:48:37 AM »
I tested the waters and my dislike for Prosper only grew....

Lovinglifestyle

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Re: First
« Reply #3 on: March 11, 2014, 08:54:33 PM »
I bought about 12 notes in '08 and never went back after the quiet period for SEC.  Don't expect I ever will, thanks to Core.  Coincidentally, I just browsed there for first time in ages, minutes before this.  The ones I bought all paid in full.

cnmor54

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Re: First
« Reply #4 on: March 11, 2014, 09:06:48 PM »
I have 16 more notes to get rid of and then I will be so done with Prosper!

neals384

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Re: First
« Reply #5 on: March 11, 2014, 11:02:17 PM »
At least one sane lender uses Prosper because he lives in a no-LC state.

Keltset

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Re: First
« Reply #6 on: March 12, 2014, 10:04:45 AM »
At least one sane lender uses Prosper because he lives in a no-LC state.

That's very unfortunate :/

core

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Re: First
« Reply #7 on: March 12, 2014, 10:16:57 AM »
At least one sane lender uses Prosper because he lives in a no-LC state.

That sane lender needs to "move" for a week.  Possibly to a hotel room in a P2P-friendly state.  Then that lender needs to forget to inform LC when he moves back to his regular state.  Such notification is not required anywhere in the terms to my knowledge.

thezfunk

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Re: First
« Reply #8 on: March 12, 2014, 12:54:39 PM »
I have sold on Folio on Prosper but I haven't bought yet through Folio.  Prosper holds my taxable account whereas my Roth is at Lending Club.  I started at Prosper in 2010 and was super conservative and didn't do that well.  I never lost money but averaged 4-6% return.  Better than a savings account but not where I wanted it.  I had no idea what I was doing.

I decided to sell a bunch of my conservative notes and go higher risk.  Consequently, my return last year was over 13%.  Unfortunately, since I don't have automation on Prosper, I can only ever get 'C' notes.  Because of that, I want to get into Folio but it's so bloody user unfriendly.  I am pretty sure I can go to my local tech college and get some guys who could do a better job with that interface and search-ability.


Peter

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Re: First
« Reply #9 on: March 15, 2014, 11:22:50 AM »
Had to do it.  ;)

On a more serious note, how many of you actively purchase notes on Prosper's secondary market?

While I rarely buy notes on the Prosper secondary market I know one investor who is very devoted to it. If you haven't listened to my interview with Brett Byers and you are interested in the secondary market you should:
http://www.lendacademy.com/one-of-prospers-largest-individual-investors/
Publisher of the Lend Academy blog

See my returns here: http://www.lendacademy.com/returns

Jmar42

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First
« Reply #10 on: March 19, 2014, 04:33:22 PM »
Are Prosper notes not on Folio LC secondary market?

core

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Re: First
« Reply #11 on: March 19, 2014, 07:22:02 PM »
Are Prosper notes not on Folio LC secondary market?

You mean one big happy Folio that contains both Prosper and LC notes?  No, it doesn't work that way.  That would be interesting.

Jmar42

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First
« Reply #12 on: March 19, 2014, 08:33:46 PM »
So you have to open an account at LC and Prosper in order to access each market individually.  Wow, archaic.

core

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Re: First
« Reply #13 on: March 19, 2014, 08:58:09 PM »
Wow, archaic.

I wouldn't say that.  The market itself is one thing.  But where would the notes go after you bought them?  Notes are debt owed to you by Lending Club and Prosper, not debt owed by the borrower.  You're suggesting that LC should keep track of Prosper debt in your LC account?  Now that would be weird.  And who's responsible to collect from the borrower when the fractional portions are split between the two companies?  Not possible, not in a million years.  But a single marketplace which combined access to your two accounts would be simple.

thezfunk

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Re: First
« Reply #14 on: March 19, 2014, 09:02:18 PM »
So you have to open an account at LC and Prosper in order to access each market individually.  Wow, archaic.

Well, they are the same...but different.  It's like ice cream, frozen custard, frozen yogurt, and soft serve.  They are all delicious frozen treats that melt in your mouth (except soft serve, I hate soft serve).  That may very well be a bad example.

It would be nice to have a unified secondary platform.  I suppose some sort of standard would have to be developed and agreed upon by all the originators.  Wouldn't this be a good business opportunity for someone?