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Messages - Joe6Luck

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General Discussion / Fundrise
« on: February 01, 2017, 12:00:00 AM »
Fundrise is doing mini iPO under Reg A+ and the offering is only available to its current customers. I am looking for some comment on this but didn't find much info from Google. Anyone know more about it?

Here is one of the very few link on the Internet:
Investors - LC / Recovery rates
« on: January 06, 2016, 12:00:00 AM »
By 14%, do you mean the recovery rate among the notes that had some (>$0) recovery? Or, is it among all the notes that were charged off regardless of whether there was any recovery?

It it is the former, then my result is very similar to yours. But, in my case, quite some, ~40%, notes didn't have any recovery after being charged off. So, my overall recovery rate is only 14%*(1-40%) = 8.4%.

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Foliofn - LC / Folio automation questions
« on: November 14, 2013, 12:00:00 AM »
Hi zach, I don't see such a link to download notes. Could you send me the link so that I can try this new function?

Quote"> from: Zach on November 14, 2013, 08:35:07 PM
Investors - LC / 0 APR Convenience Check
« on: November 14, 2013, 12:00:00 AM »
The picture is not so clear, but it seems you are charged a certain% one-time transaction fee.
P2P-Picks / Personal Portfolio Returns
« on: August 08, 2013, 11:00:00 PM »
Investors - LC / Selling performing notes
« on: June 07, 2013, 11:00:00 PM »
Not sure if it is a general situation: I sold quite a few notes when switching from a non-IRA account to an IRA account; 36-mon notes sold much faster than 60-mon notes; notes with several month history sold faster than newly issued notes.
Hi, I saw a post on a different website, which is about selling notes from a Roth IRA lending club account to a normal account. The procedure is as follows

* Open two lending club accounts (one is a Roth IRA account, and the other one is a normal account)
* Buy notes in Roth IRA account (say $25 per note)
* Sell the above notes with a much higher price (say $50) on the foliofn platform. The price is set to be so high that nobody else will buy it
* Buy those notes from one’s normal lending club account

In this way, one will lose 1% transaction fee (1% of the $50 sell price, or 2% of original $25 purchase price) but effectively move funds to a Roth IRA account. With more funds in Roth IRA, one can buy more notes and avoid paying tax going forward. In addition, it seems to me this kind of transaction leads to investment profit in the Roth IRA account (no tax) and investment loss to the normal account (which can be claimed during tax season).

This seems too good to be true (except for the 2% fee as mentioned above) and I suspect the above procedure must have missed something that will cause trouble. Can anyone take a look at this and figure out what could be wrong with it? Thanks.

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