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Kind of bittersweet these last few days...

Started by Peter, November 07, 2017, 11:00:00 PM

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dr.everett

So these last few days have been kind of bittersweet given all the things going on with lending club. The earnings announcement, the changes to lending models.  For the first few years lending club seemed like it was going to be the next hot thing. I no longer think that. With only a few thousand dollars left in my taxable account to liquidate, and my Ira account down to 50% left, I'm very close to being done with lending club.

I made my first transfer into Fundrise yesterday. Other than the fact that the transfer from SDIRA services took a long time, my lending club Ira money is now at its new home.  I know what to expect with the next transfer, and following transfers.

While I won't be lending money through lending club, I still will be involved with lending club via it's stock. Luckily had some money ready to take advantage of the recent stock price drop. 😉

Here's to hoping the stock price goes up, and lending club figures out what's wrong with their current returns.


Rob L

I'm confused. Leaving LC as an individual lender yet investing in LC stock seems incongruous.
How does one rationalize the disparity?






TravelingPennies

Not sure exactly how they considered it- I'd called them to ask about what the process would be, explained what I wanted to do, and was told it was only $25. I transferred from LC to SDIRA the amount I wanted to transfer + $25 and everything was done.

I still have a sizable chunk left to sell/transfer- my plan is to get down to $10K and then see how many notes I have left late, etc. I haven't decided yet what the final transfer will be as I think I probably have at least till the end of the year, if not into Mar/Apr 2018 before my remaining IRA notes will sell. It'll be another big transfer when it happens.





TravelingPennies

More on the bittersweet feelings. My taxable account is now down to about 200 notes, total of about $2k left. The remainders are Late notes that probably will not sell and will eventually charge off, along with about 50-ish current notes. Now all that's left is letting it finish winding down. I'll continue to discount what's remaining up to a point, but nothing to incur any significant losses.

My IRA account is winding down- starting to increase the discount gradually to keep the notes selling there. Given what I've seen liquidating both accounts, I think I may be done around March/April 2018 timeframe. Learned a lot doing this. Especially patience.

The liquidation journey has been interesting- I looked at the numbers a few days ago and managed to turn a significant loss into a small profit. Taxes will surely be interesting in a few months as well. (Not looking forward to that...)

Fundrise is up and running and I know what to do when the next (final) batch is ready.

LC Stock is on it's way back up- yeah- looking forwards to a $2-3 swing. Gotta end a somewhat depressing post on a high note. https://forum.lendacademy.com/Smileys/default/wink.gif" alt=";)" title="Wink" class="smiley" />

Good luck to all still here- I try to check things out still from time to time. May still come back in the future if things change. The IRA will stay put, but the "mad" money may return if/when the winds change for the better.


NEW LOANS:   | 870.eth 2.500 Ξ | 804.eth 2.500 Ξ | remoraid.eth 0.299 Ξ | ALL