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Introductions / Hello new to learning questions about out of state llc
« Latest by BeardedBroker on July 26, 2021, 10:42:07 PM »
Hello I'm new to not only this platform but also p2p lending. I'm located in Ohio and it's not allowed here. I have read that if I got an out of state llc it would be a way around it. Has anyone done this with any luck and if so was it worth it?
Investing - General (not P2P) / Stocks vs Real Estate
« Latest by lindsywes on July 20, 2021, 03:41:35 PM »
The choice between securities and real estate is a common dilemma for investors. To make a decision and form your financial strategy, you need to weigh the pros and cons of each option. The emotional factor is also significant in making a decision. Choose what you like better - real estate or securities with their quotes, tables, and expert analysis. As a lover of contact with people in my business, I raise profits, like real estate more. But it will require you to invest more money. You can start investing in real estate but before you do so, find out what is liquid net worth.
Investors - LC / AltoIRA == Bozos
« Latest by rawraw on July 16, 2021, 08:55:36 AM »
That is wild
Investors - LC / AltoIRA == Bozos
« Latest by Fred93 on July 15, 2021, 06:05:17 PM »
I got an email response from Alto today...

You are correct sir, at this time our system does not automatically update. We will have a system in the future where it will be updated, but at this time, the numbers do not match due to it not being updated since June 3rd.

That explains why Alto's numbers have not changed, but it does not explain why they're wrong by more than $1,000.  The number Alto displays was wrong for June 3rd as well as being wrong for now.

I cannot update on our end at this time, but you have the ability to manually update it. If you click on the pencil icon next to your amount on the dashboard, you can put in the amount that you are seeing at LendingClub. Overall though, the amount you see at LendingClub is correct.  We are hoping to make a plan with LendingClub where these amounts will be updated for you on a regular basis, but if you would like it done now, you can follow those directions above.

So it appears Alto hasn't written software to transfer numbers from LC periodically.  This makes the numbers Alto displays essentially worthless.
Investors - LC / AltoIRA == Bozos
« Latest by Fred93 on July 15, 2021, 05:03:50 PM »
Today I make it official.  I officially declare the folks at Alto to be "bozos".  I don't do this lightly.  I gave them several chances. They failed every time.

1. They fail at customer service.  Their web site shows NO phone number for customer service.  You have to email them.  Their customer service person "Patti" misunderstands the issue, and sends dismissive replies, and there is no evidence that they ever look into anything.

2. They fail at accounting.  From the first day that they said my account had transferred, the balance shown by Alto was about $1,000 lower than the balance shown by LendingClub.  I notified them 6/28, including screen captures of both LC and AltoIRA showing the mismatched numbers.  Patti was dismissive, claiming that in a few days cash would transfer from Strata and everything would be ok.  I never had any cash sitting at Strata so this seemed unlikely.  Now, two weeks later, there is still a >$1,000 discrepancy between the account value shown by LC vs Alto.  I'm calm, as the money is at LC, and surely eventually Alto will figure out how to display the right number.  It can't be very difficult.  They get daily account data from LendingClub, and all they have to do is display those numbers they are handed, yet they fail.  I want to be clear about this: I don't mind an accounting error.  It happens from time to time.  However, if you have your company set up so that when I take my time to report and explain a problem to you, you are dismissive and don't even look into the problem, then you are a bozo.

3. They fail at security.  They asked all customers to do a password reset recently.  I have no problem with that.  They sent email saying I would soon receive an email from Eric Satz telling me how to reset my password, but get this... The email said I would know the 2nd email was official because they would include a video of Eric Satz in the email!   
"Additionally, so you know it is us, this email will contain a video message from our CEO, Eric Satz."
This indicates a very basic misunderstanding of computer security, because an included video does not authenticate an email message. 

I wrote to them, explaining this, trying to educate them, but they were dismissive, telling me that nothing is perfect, and suggesting that I could send them a message asking if the email was authentic, and they would respond.  This tells me they are simply clueless.

A few days later, the email from Eric Satz arrived.  As advertised, it contains a video of Eric.  Well, I can't say for sure that is Eric, as I have never seen him before, but it is at least a talking head that claims to be Eric.  At the end of the video he gives out a customer service phone number!  Glory be.  A  phone number!  877-673-1557  There is still no phone # shown on their web site. 

Investors - LC / AltoIRA transfer
« Latest by Fred93 on July 13, 2021, 09:55:23 PM »
A buddy of mine works at Alto.  Pretty cool to see them being a place LC notes are ending up :)

How big a place are they?  From their appearance so far, seems like a pretty small shop.
Investors - LC / AltoIRA transfer
« Latest by Macroman22 on July 13, 2021, 09:10:46 PM »
Amidst a multi-day outage Alto IRA does not look too good.
General P2P Lending Discussion / What platforms are there still out there?
« Latest by Fred93 on July 13, 2021, 07:58:27 PM »
I think most such status updates are just copied from whatever the borrower reports.  I doubt they have staff enough to go around and physically check status of each property.   I see some updates read "The borrower has reported that...", which is explicit about the source.  I can't claim that's on every update, because I haven't read every update.

The nice thing about GF loans that default is that you get your money back most of the time, unlike LendingClub & Prosper.  [I dunno about you, but I have got my money back almost every time.]  The real risk with GF is the quality of the valuations.  As long as they lend less than the property is worth, you're in pretty good shape.

The downside is that it takes a year or two for the repossession legal process.

General P2P Lending Discussion / What platforms are there still out there?
« Latest by rawraw on July 13, 2021, 08:59:04 AM »
I'll see if I still have them.  A buddy has done the same thing and he may have the documentation, since he actually emailed GroundFloor about it.  He works in banking and has stopped investing in the platform due to the experience and response.

In his case, the updates on the file were something like "Landscaping complete, renovation mostly complete, everything A-Okay!"  But if you drove past the property, the building looked rough with a yard that wasn't mowed - almost looked abandoned.  It was clear there was no landscaping or renovation happening, in contradiction to their notes.  When he tried to post in the Facebook Groundfloor group, the mods prevented the post from going through.  When he contacted the help line, they basically said "thanks for bringing to our attention we will look into this".  They continued to update the progress on the real estate, but passing by the property showed those updates weren't visible.  I think the loan eventually did default, but I can't recall.  This was a year or so ago.  If I find details, I'll let you know.
Investors - P / prosper 1099-B tax questions
« Latest by rosechap on July 08, 2021, 11:25:11 AM »
Form 8949: Sales and Other Dispositions of Capital Assets, used by individuals, partnerships, corporations, trusts, and estates to report capital gains and losses on investments. Taxpayers should use this form to report short-term and long-term gains and losses on sales or investment exchanges. For U.S. citizens, IBKR provides consolidated Forms 1099. Most Forms 1099 will appear on the overall statement rather than individually. The information on the consolidated Form 1099 is also reported to the IRS and should be on your federal tax return. Comparing apples to oranges, you can try to check with your accounting department about everything.