Title: Lendinc CLub vs. BIC comparison
Post by: SeanG on November 11, 2014, 11:00:00 PM
Post by: SeanG on November 11, 2014, 11:00:00 PM
I've was researching non traditional investing strategies like P2P and REITs and rental properties when I came across Bakersfield Investment Club. The fund manager claims to be achieving 21 - 27% returns on the LC platform.
http://www.bakersfieldinvestmentclub.com/blog/current-strategy-investment-club
Another blog post asserts that investing in BIC is better than investing directly through LC.
http://www.bakersfieldinvestmentclub.com/blog/comparison-of-bakersfield-investment-club-vs.-lending-club-direct
Not sure what to make of these claims.
S
http://www.bakersfieldinvestmentclub.com/blog/current-strategy-investment-club
Another blog post asserts that investing in BIC is better than investing directly through LC.
http://www.bakersfieldinvestmentclub.com/blog/comparison-of-bakersfield-investment-club-vs.-lending-club-direct
Not sure what to make of these claims.
S
Title: Lendinc CLub vs. BIC comparison
Post by: brycemason on November 11, 2014, 11:00:00 PM
Post by: brycemason on November 11, 2014, 11:00:00 PM
They're all geniuses until the next leg down in the world's largest ever housing bubble implosion.
Title: Lendinc CLub vs. BIC comparison
Post by: PennySaved on November 11, 2014, 11:00:00 PM
Post by: PennySaved on November 11, 2014, 11:00:00 PM
http://www.bakersfieldinvestmentclub.com/conversion-page
"Last Year We Paid All Our Members 33%
We offer a minimum return of 15%, a guarantee of principal, 100% liquidity, no fees and no minimum investment. We can do rollovers from any type of retirement account with no taxes. 100k at 30% will give you about 30k per year of income."
Sounds fantastic!.....or what?...... Here I am plodding away with only 9% return when I could be getting 15% and not losing principal
Interesting on their page comparing themselves with Lending Club, they claim they will swap out a defaulted note with a new note. http://www.bakersfieldinvestmentclub.com/blog/comparison-of-bakersfield-investment-club-vs.-lending-club-direct
"What do you mean by helping new members with losses?
Although it hasn't happened yet, we don't want any of our members to have a bad experience, especially when they're just getting started. So if you have a late payment or a default soon after opening your account, we'll just swap out those notes with some new ones up to $50."
They are so new at this that a late or default "hasn't happened yet".
"Last Year We Paid All Our Members 33%
We offer a minimum return of 15%, a guarantee of principal, 100% liquidity, no fees and no minimum investment. We can do rollovers from any type of retirement account with no taxes. 100k at 30% will give you about 30k per year of income."
Sounds fantastic!.....or what?...... Here I am plodding away with only 9% return when I could be getting 15% and not losing principal
Interesting on their page comparing themselves with Lending Club, they claim they will swap out a defaulted note with a new note. http://www.bakersfieldinvestmentclub.com/blog/comparison-of-bakersfield-investment-club-vs.-lending-club-direct
"What do you mean by helping new members with losses?
Although it hasn't happened yet, we don't want any of our members to have a bad experience, especially when they're just getting started. So if you have a late payment or a default soon after opening your account, we'll just swap out those notes with some new ones up to $50."
They are so new at this that a late or default "hasn't happened yet".
Title: Lendinc CLub vs. BIC comparison
Post by: Thatguybil on November 11, 2014, 11:00:00 PM
Post by: Thatguybil on November 11, 2014, 11:00:00 PM
Too good to be true.
Title: Lendinc CLub vs. BIC comparison
Post by: bobeubanks on November 11, 2014, 11:00:00 PM
Post by: bobeubanks on November 11, 2014, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: Jon on November 11, 2014, 11:00:00 PM
Post by: Jon on November 11, 2014, 11:00:00 PM
Quote
Title: Lendinc CLub vs. BIC comparison
Post by: core on November 11, 2014, 11:00:00 PM
Post by: core on November 11, 2014, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: lascott on November 11, 2014, 11:00:00 PM
Post by: lascott on November 11, 2014, 11:00:00 PM
This business seems like a bad sign.
http://www.bakersfieldinvestmentclub.com/blog/referral-income-and-club-manager-pay
Quote
http://www.bakersfieldinvestmentclub.com/blog/referral-income-and-club-manager-pay
Quote
Title: Lendinc CLub vs. BIC comparison
Post by: rawraw on November 11, 2014, 11:00:00 PM
Post by: rawraw on November 11, 2014, 11:00:00 PM
This is the kind of stuff thats going to blow up and result in tons of unnecessary regulation to protect retail investors from themselves
Title: Lendinc CLub vs. BIC comparison
Post by: Fred on November 11, 2014, 11:00:00 PM
Post by: Fred on November 11, 2014, 11:00:00 PM
This is a video of Daniel Nase (CEO of BIC) -- http://www.youtube.com/watch?v=ppDT1alRf0M
A 35-year-old guy with a 19-year-old son. Financially retired.
A 35-year-old guy with a 19-year-old son. Financially retired.
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on November 11, 2014, 11:00:00 PM
Post by: TravelingPennies on November 11, 2014, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on November 11, 2014, 11:00:00 PM
Post by: TravelingPennies on November 11, 2014, 11:00:00 PM
"Financially there's no difference. However, a Club Manager is someone identified as a trustworthy individual who's gone through all the hoops of getting a business license, a fictitious business name, a business checking account, business cards, regular meetings, etc. Club Managers typically have more than $100,000 invested, a stable income, perceived good character, good credit, and passed a criminal background check (no felonious behavior, theft or dishonesty)."
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on November 11, 2014, 11:00:00 PM
Post by: TravelingPennies on November 11, 2014, 11:00:00 PM
Well I give him/them credit for putting the phone numbers including a cell out there. The claims just seems so high (if it sounds too good). Sound like it comprised of more than P2P lending tho.
http://www.bakersfieldinvestmentclub.com/blog/current-strategy-investment-club
Quote
http://www.bakersfieldinvestmentclub.com/blog/current-strategy-investment-club
Quote
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on November 12, 2014, 11:00:00 PM
Post by: TravelingPennies on November 12, 2014, 11:00:00 PM
What I was most interested in hearing about is how other LC investors feel about BIC's claim to be making 21-26% off of lending club. Is anyone on here making anywhere close to that? I don't even see how that is possible. From what I gather most people on this site seem to be in the 10 - 15% return range.
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on November 12, 2014, 11:00:00 PM
Post by: TravelingPennies on November 12, 2014, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: Fred93 on November 12, 2014, 11:00:00 PM
Post by: Fred93 on November 12, 2014, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: Jon on November 12, 2014, 11:00:00 PM
Post by: Jon on November 12, 2014, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: Fred on November 12, 2014, 11:00:00 PM
Post by: Fred on November 12, 2014, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: rawraw on November 15, 2014, 11:00:00 PM
Post by: rawraw on November 15, 2014, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: turing on November 18, 2014, 11:00:00 PM
Post by: turing on November 18, 2014, 11:00:00 PM
Quote"> from: BIC website
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on November 18, 2014, 11:00:00 PM
Post by: TravelingPennies on November 18, 2014, 11:00:00 PM
It wouldn't necessarily be that hard to do with cheap leverage (at least until a recession hits, who knows what happens then). But most retail people do not have access to it.
Title: Lendinc CLub vs. BIC comparison
Post by: evergreen on June 15, 2015, 11:00:00 PM
Post by: evergreen on June 15, 2015, 11:00:00 PM
Here's proof that they are actually making a net annual return of 21%.
This account has been open for several years. Lots of bad loans and still high returns :PPPPP
This account has been open for several years. Lots of bad loans and still high returns :PPPPP
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Have anyone in your family they call the "Dream Killer"?
Quote"> from: brycemason on November 12, 2014, 09:16:25 AM
Quote"> from: brycemason on November 12, 2014, 09:16:25 AM
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Ponzi schemes don't invest in anything real. They just go shopping.
from: turing on November 19, 2014, 11:03:08 AM
from: turing on November 19, 2014, 11:03:08 AM
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Title: Lendinc CLub vs. BIC comparison
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Post by: TravelingPennies on June 15, 2015, 11:00:00 PM
Company profit only, not a fee out of new investment funds coming in.
from: turing on November 19, 2014, 11:03:08 AM
from: turing on November 19, 2014, 11:03:08 AM
Title: Lendinc CLub vs. BIC comparison
Post by: lascott on June 16, 2015, 11:00:00 PM
Post by: lascott on June 16, 2015, 11:00:00 PM