[SeanG]

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

[brycemason]

They're all geniuses until the next leg down in the world's largest ever housing bubble implosion.

[PennySaved]

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".

[Thatguybil]

Too good to be true.

[bobeubanks]

from: PennySaved on November 12, 2014, 04:52:45 PM

[Jon]

Quote

[core]

from: Jon on November 12, 2014, 07:21:02 PM

[lascott]

This business seems like a bad sign.

http://www.bakersfieldinvestmentclub.com/blog/referral-income-and-club-manager-pay

Quote

[rawraw]

This is the kind of stuff thats going to blow up and result in tons of unnecessary regulation to protect retail investors from themselves

[Fred]

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.

[TravelingPennies]

from: Fred on November 12, 2014, 09:09:04 PM

[TravelingPennies]

"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)."

[TravelingPennies]

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

[TravelingPennies]

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.

[TravelingPennies]

from: SeanG on November 13, 2014, 10:45:54 AM