Do you Prosper ?

M

Moosie

Guest
So, I mentioned in a post about a month ago that I started dabbling in investing online. I've gotten a couple emails asking about it so I figured I'd ask in a post. Through my dealings there, I've come across 2 guys that post here that do as well. So, I was wondering if any of you other guys Invest online, Well, other than your time talking trash :)

Has any one else done Prosper.com P-2-P investing over here? If so, tell me your thoughts. If not, tell me your thought :)

If you hae other investing sites could you post them here as well ?

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
Just wondering why you invest in the stock-market? I'm assuming that's what you are doing as it is on-line. Why not real-estate, rental properties etc.... Seeings how right now is a buyers market.

What kind of success have you had online? Are they safe sites? Do you do any other investing? I'm a rookie at it, but you gotta do something to make money outside of your career.
 
Uhhh.. Lemme try to answer Each of your questions, Mr Questionair ~ :)

Q. Just wondering why you invest in the stock-market?

I only invest in the Stock market through my work, and I don't have much in it at that. it's all in Mutual fund type stuff and it comes right out of my check. I have a Simple IRA plan that I match myself in dollar for dollar up to 3%... (I'm a co-owner) so I do a "little" there. I am not smart enough to invest in stocks on my own truth be told, or willing to take the time to research it.

Q. I'm assuming that's what you are doing as it is on-line.

Well, no, not at all. Go take a look at that site. It's a place that people go to borrow money from Peers. It's a P-2-P lending (Peer-to-peer). Why I like it is once you register, you can see peoples Credit Scores and grades and Defaults an Credit card ballance owed, etc. Prosper posts the info from Experian , which is one of the 3 major credit monitors. All loans are a 3 year loan that can get paid off sooner, but usually people jsut make a monthly payment back to you over 3 years.

Here is how lending works :
http://www.prosper.com/help/tutorials/lending-1.aspx
Here is how Bidding works:
http://www.prosper.com/help/tutorials/bidding-1.aspx


Q. Why not real-estate, rental properties etc.... Seeings how right now is a buyers market.

Well, to answer your question honestly, I can't afford Houses right now. I bought and sold a couple over the last 3 years and currently own 5 (counting my primary). The lending companies want 20% down pretty much any more. those BAstages that couldn't afford the loans Screwed me up !!! I did just make an offer on a house Friday but it's a Sub 100k house. I'm putting only 10% down on it, but with my limited portfolio, lending on homes isn't there any more for me. I just don't have the Capital.

Q What kind of success have you had online?

I'm new to Prosper so like in my investing section on my site, I'm not telling anyone it's the Cat's Meow (yet). I have fun investing and like reading the stories and looking at credit grades, etc. So my "success" is new, I could have loan's default and my numbers change. Thats just a Pre-info to me posting the link to my Stats. LendingStats.com is a 3rd party site that pulls info from Prosper lenders to monitor results, etc. I use it to compare my portfolio to others online.

My oldest loan is now over 3 months and I have no Lates or DQ's. My Estimated ROI (Rate of Interest)is 18%ish but my portfolio return is 19.65%. Truthfully I expect my net result will be a tad over 10% 6 months-12 months will be the tell tale of this deal. Till now, I've done well in "Guessing" my investments. I have 77 Loans out varrying from $50 each to $500.

http://www.lendingstats.com/lenders/MoosieID

Q. Are they safe sites?

Uhhhhh, well. If you are asking if your money will get "lost" or taken from hackers, then I think you're OK. If you are asking if the investment is "SAFE" I would say Definately NOT !!! I have yet to find any "SAFE" investments, except when I apply for an out of state tag and draw ;)

Q. Do you do any other investing?

As stated earlier, I like Realestate, It is the time to buy houses. Although, It's always the time to buy houses. I have a couple rentals, a Simple IRA, Prosper.com account and stock Via Partnership in my Firm. Not much for other investments.

.....I agree that people need to invest more. I'm always looknig for ways to take the Couple coins I have and sink it in some investing idea. Problem is, It takes money to make money. The only time I've made money without money is a few years ago when they were giving out "LIAR LOANS" (Stated income w/ Verified Assets) and buying homes with almost no money down. Other than that you need to invest alot of money for alot of years untill you finally have enough money working "FOR" you.

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
LAST EDITED ON Mar-16-08 AT 11:13AM (MST)[p]sounds good other than Experian. My experience with them is that their so stinkin bad at having accurate data it's pathetic.

thanks for the info.

interesting. I looked at some of the lenders. How would you like to only make 8% on 900K ?

you're doing well Moosie.
 
Poosie,

I have money in Ameritrade. Talk about cut-throat investing! I suck at that as well as thinking. I need to quit thinking home run and do the mutual fund thing?

I invested in water the other day.;-) seems like a good place for money at the moment?

Since you are the new Warren Buffet, why did you not ask for my company in Africa douche bag? If you would have spread the wealth and asked me to go I may have been able to pencil you in. Thanks buddy!:-(
 
THE 8% ON 900K SOUNDS GREAT!!!

BUT LIKE Moosie SAID!!!

IT TAKES MONEY TO MAKE MONEY!!!

AND THATS BEEN TRUE ALL MY LIFE!!!

HERE IN THE BASIN RIGHT NOW THE INVESTORS ARE MAKING MEGA BUCKS!!!

NEW HOUSES GOING UP LEFT & RIGHT & THE PRICES ARE UN-FRICKEN-BELIEVABLE!!!

PROPERTY PRICES UP BEYOND A JOKE!!!

RENT 1500.00-2200.00 IF YOU CAN FIND A PLACE TO RENT!!!

ALL "OIL PRICE" RELATED!!!

WHEN SHE FALLS THIS TIME IT AIN'T GONNA BE GOOD,MARK MY WORD ON IT!!!

SEEN IT FALL TWICE IN MY LIFE BUT THIS TIME IT WILL BE SERIOUS $HIT!!!

GEEEZUS WHERES ALL THE MONEY COMMING FROM???



THIS IS MY NEW GUN,YOU MAY NOT LIKE IT,YOU'LL LIKE IT A HELL OF A LOT LESS WHEN IT HITS ITS DESTINATION!!!
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THE ONLY bobcat THAT KNOWS ALOT OF YOU HAVE HAD THIS IMAGE IN YOUR PEA BRAIN BUT DUE TO POOR SHOOTING TACTICS I'M STILL KICKIN!!!
 
Wbob, YAh, some guys suck over there. Muleshoes is one I have been watching since the Beginning of my time. His Stats are :

http://www.lendingstats.com/lenders/MuleShoes

How would you like to have a 1/2 mill at -18% ? G-eshh h!!!

YAh, I'm doing well but you can't compare me to "SEASONED" investors. My oldest loan is 3 months.I started with $200 the first month with the bulk after that. My average account is over 1 month now but it will be a few weeks to see what it does. I would liek to think I'm better then the rest of them but longevity will dictate that :) :)

KTC, KTC... Don't mix me asking about investing a Couple Grand as being Warren Buffet. I do try to maximize my $'s in investing and always looknig for the best way to make a buck (Besides the 4k I used to get with Senators, etc. they are cracking down on that now *wink* ).

I'm sure alot more people makeing less then me have alot more in Savings/investments. I am more like a Strainer with money then a sponge.

As far as the Africa deal, for a couplegrand you could tag along. We could add you :) If I had the extra money I would bring my oldest boy, but not this year. MAybe in a couple though ;)

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
Bcat, As Great as it all looks for those guys, I know hundreds of guys here that thought Building was a Sure thing and leveraged too much to do more. It's been slow here going on a year and alot of people are Teets up !!! I'm glad things slowed down and the markets stabalizing. I jsut hate seeing guys that made a bunch of money loose it all to banks now.

I wish rents around here were that high !!! Butthen the Prices of homes would be higher too. It's ALL relative I guess. thats why you look at the ROI on the $'s invested instead of the Amount. I would rather make 15% on $100 then 5% on 50k.

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
Moosie,

"for a couple of grand?" Is that all? What critters you gonna put the hurt on? Please don't tell me Gemsbock?;-)

I could probably swing "a couple of grand." I am just worried that I may not be able to swing, in a few months, airfare and all the other goodies?

I know why you are going. You just want to see Bugler's muscles? I think you have a "Man Crush" on him!;-)
 
"sounds good other than Experian. My experience with them is that their so stinkin bad at having accurate data it's pathetic."

I have to Agree. I tried the lending side over there to see how it all works. Although I paid the loan back I didn't agree with my score. An AA borrower is a 760+ .an a borrower is 720-759, a B is 680-719.. and so forth. I was classified as an AA borrower when in fact I was only an A borrower. I had pulled my credit because I was looknig at a home loan and know I was only a low 730...(It worked in my benifit but can go both ways). That being said, I think anyone over a 720 is great grade (I have to say that right ?!?!? :) ) but it was inaccurate was my point.

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
LAST EDITED ON Mar-16-08 AT 11:49AM (MST)[p]If you want a price break down I can give you one if you are serious. The plane ticket is the biggest at 2k. The daily rates and 2 animals are included because we bought it at a FNAWS banquet for cheap. They run $250 a day I think normally and we're going for 7 days. (Less than 3 months out !!!) There is DIP/PACK of the critters and tips. Other then that there is the Price of the animals you want. We'll see what that ends up at. I'ma "little" over extended this year becasue of all the Tags you are letting me draw (WINK) but I'll get a couple in Africa.

(I estimate 8-9k total with shipping and flights, etc.) one buddy is going just to film and no shooting and will be in it total about $3,500.

And Yes, Oryx might be on the list, It's actually cheaper in Africa then NM. :( But would be cool to have 2 mounts side by side.

PS, Bugler is not coming to Africa with me although you are correct, I do have a Man crush on him, but I swear, he's the one that shows me his nipples, I didn't ask :) :)

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
Once, I lost $150 in China town. Well, I'm not sure it was "LOST" per say, but I didn't know I had to PAY HER for doingthat... ;)

I know some guys that invest in Currencey trading. 50k min to start. They trade in bulks of Hundreds of thousands. That type of stuff makes money BIG.. but also Looses BIG !! It's all in the risk a guy wants to play. It's ALL relative I say. AGE and Money. Thats just a fact !!!

Losing $1 to some is alot some it's 1k some people 100k would be a bad day but not that bad of a day. It's all relative.



-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
KTC Said,

Poosie,
I have money in Ameritrade. Talk about cut-throat investing! I suck at that as well as thinking. I need...

Poosie? Thats funny right there





Take a kid hunting. You will enjoy it more than they do!
 
I pull my credit with all 3 every year. Experian has continued to show some other guy with my name on the report. First year I got his addy, social, work history, everything. Now they just show his addy, work, and phone as part of my past history. I dispute every year. My score is finally over 800 so he hasn't cost me anything... yet.

Hey Bessy, bring some of that $$ up here. I have lots of real Estate for sale. Lots of lookers. Nobody has any money.
 
I THINK IF WE WOULD OF ALL HAD OUR THINKERS WORKING WHEN WE WERE YOUNGER WE SHOULD'OF BEEN INVESTING BACK THEN!!!

I DON'T THINK TRYING TO SAVE CASH IS THE ANSWER!!!

THE TIME YOU GET ENOUGH SAVED TO BUY SOMETHING IT AIN'T WORTH ANYTHING!!!

DOES THAT MAKE SENSE???

I THINK IF A GUY INVESTED THE (LETS SAY!!!) 1,000.00 IN SOMETHING RATHER THAN THINKING YOU'RE GONNA SAVE IT & BUY SOMETHING GOOD WITH THAT 1K IN TEN YEARS YOU'D BE WAY BETTER OFF???

BUT WTH DO I KNOW???

I DO KNOW IN TEN YEARS BY SAVING IT,IT AIN'T GONNA BUY YOU $HIT!!!

WELL MAYBE A TANK OF FUEL FOR YOUR RICE BURNER,MAYBE!!!



THIS IS MY NEW GUN,YOU MAY NOT LIKE IT,YOU'LL LIKE IT A HELL OF A LOT LESS WHEN IT HITS ITS DESTINATION!!!
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THE ONLY bobcat THAT KNOWS ALOT OF YOU HAVE HAD THIS IMAGE IN YOUR PEA BRAIN BUT DUE TO POOR SHOOTING TACTICS I'M STILL KICKIN!!!
 
Moosie,

If I bid 10% and others bid differing % rates, when the loan is fully funded, what will the int. rate be?
 
Bess, My daughter will be 18 in aug. I have been harping on her to buy a house THEN a car.
I figure by the end of the summer some will be in foreclosure and she should be able to step into a good deal. A cpl years down the road when the inventory dries up she'll have some decent equity and will be on her way.
 
264win, Why is it funny that Ameritrade is a Cut-throat investing ? Or was it that he sucks at thinking ? I don't get why thats funny ?

Bess, Not sure how old "BACK THEN" is, but it's always "BACK THEN" read my relative quote. Age and Money is relative. to me, "BACK THEN" is today. I should be investing today. in 5 years, today is "backthen".

Also, if you save and your money makes money quickerthen inflation, you are better off buying it later. Becasue if you buy it now, not only can you not afford it, but you are probably PAYING interest to have it, a Double loss.

Wbob. The bidding is like EBAY. Watch the Tutorials I posted as a link.

Basically the bid starts HIGH. Lets say 30%. You can bid at 5% but if the loan never get's to 100% at the time it expires you get your money back with nothing and start over again. IF it funds 100%, then, if someone else bids, the highest thyey can bid is .05% lower then the current bid, or 29.95%. It jsut gets bid down from there. Watch the tutorial a couple times if it doesn't maek sence. It took me about 40 hours of research before I hit my Accept on my first $50 bid.

If you put in a bid of 9.5% and the bidding goes from 19% down to 12.3% and ends. You have the Bid at 12.3%. All you are bidding it the LOWEST you are willing to go. If you had bid 12.4% and it goes to 12.3%, you lose your bid.

Sometimes,I bid 2 or 3 bids. If I am willing to go $150 on the loan at 25% but only 100 at 20% or only $50 at 15% I will bid 3 times. $50 each. once at 15% once at 20% and once at 25%. As long as the bidfunds 100% and stays above 25% I have $150 in there. Once it starts getting bid done I have less. If it ends at 15.9% I have $50 in there, if it ends at 14.9% I have $0 in there.

Wap, I agree a house is better investment. Nothing like Buys a car, it's a Depreciating asset that you're paying interest on. The worst kind by far... but most of us like our cars/trucks better then our houses and are willing to pay, es'pecially younger people.

I'll look at that investing/auction link....

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
Itook a look/see on that Auction deal. It' all wel and good but thats what the Big boyz play. Most of those auctions are cash at closing of day on the deals. I saw one of the listings I would have bought in a heartbeat around here. bid started at 1k and went to 70k. Was a starter home/rental but would probably sell normally for 110k. Buying something cash and having 40k+ equity is awesome. A guy could rent that out for $650-$700 and do a lease-2-own at 700-750.

Making $700 a month is a 12% return PLUS all the tax benifits. I love the rental market for Depreciating out the assets.

Fetching WAY better then making 20% in a stock market, you have 12% plus an appreciating asset.

Maybe we should get 14 guys to kick in 5k each and buy one ;)

Remember it's not what you "MAKE", it's how little you pay in taxes that separates you from making money :) :)

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
Bess, Let's take your Purchasing something now comment.

Lets say you want to buy a car.. well, that is about the worst example but let's run with it becasue everyone understands cars and payments.

If you buy a 11k car but can only affort a $205 payment but have a grand to put down. You finance it for 5 years (60 months) at 8% and pay $203 and some change but pay $12,165 over that time on a vehicle thats only worth about a grand now.

If you take the same grand, buy a Cheaper car. Invest the $205/month @ 8% for 60 months you have a car worth nothing in 5 years but about 15k in the bank. You could, in return, buy a 10k car and start over again with 5k in the bank, making you that much more over the next 5 years. If you did that for 4 cars, or 20 years, you would be driving a better car then 90% of the people you know and have money making you money more then 90% of the people you know. (Yes, my statistics are made up, but close :) )

Sure, it looks good on paper, but like most, I don't do it either, I want my Truck and drive it too :) :)

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
Moosie!!!

THE LAST COUPLE OF RIGS I'VE BOUGHT I DECIDED AGAINST THE PAYMENT PLAN!!!

PROBLEM IS!!!

I AIN'T DRIVING ANY 50K WORTH OF RIG EITHER!!!

I FIGURE I SAVED ABOUT 4K WORTH OF INTREST/FINANCING!!!

THEN I OFFERED 2.5K LESS ON A CASH DEAL & THE OLE BOY SLICKED IT UP!!!

I DO BELIEVE I HAVE FULL COVERAGE INSURANCE BUT COULD BE SAVING MORE BY DROPPING IT TO LIABILITY ONLY WHERE I DO OWN THE TITLE!!!

I'M STILL AMAZED HOW EVERYBODY IN THE U.S. OF AMERICA CAN HAVE 4 BRAND NEW TRUCKS,2 BRAND NEW CARS,A BRAND NEW BOAT,4 BRAND NEW ATV'S,2 BRAND NEW JET SKI'S & A 250K-800K BRAND NEW HOUSE & EVERY DAMN BIT OF IT FINANCED???

I GUESS THAT EXPLAINS WHY I HAVE TO WAIT IN LINE EVERY MORNING AT MAVERICK WHILE THESE JOKERS IN FRONT OF ME ARE FINANCING THEIR MORNINGLY MT. DEW???

FRICK!!!



THIS IS MY NEW GUN,YOU MAY NOT LIKE IT,YOU'LL LIKE IT A HELL OF A LOT LESS WHEN IT HITS ITS DESTINATION!!!
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THE ONLY bobcat THAT KNOWS ALOT OF YOU HAVE HAD THIS IMAGE IN YOUR PEA BRAIN BUT DUE TO POOR SHOOTING TACTICS I'M STILL KICKIN!!!
 
It's obvious that all of us have some different views on $$$$ and how to get it, but the consistent theme I see is, everyone wants more $$$$. I'm no different, I just like investing in something that I can hold, stand on or live in.

I want the new Tundra, it's a $45k truck, crazy to buy a truck for that much right???!!!! Well, I don't want my current truck payment to increase, so I am trying to find an investment I can sink $45k into that will cash-flow me enough to make up the difference on my payment, while at the same time building an asset that will pay me long after my new truck is paid off. That's just how I do it.

I'm not a millionaire or a money making genius, but I know that if you want to make "extra" money aside from your job, there are a ton of books to read and people who are more than willing to help you "figure it out" Richest man in babylon, rich dad poor dad are just a couple of books that have really opened me eyes as to how things really work.

I went to college for 3 years before I figured out I would make more money owning a business and working for myself rather than making someone else rich. But even owning your own deal isn't enough. Sorry about going off and preaching, I get fired up about how noone gets any education on one of the most important things in life. Why are some people wealthy and others are living on the streets????? Some folks just figured things out.
 
Moosie, with your luck in the draws I only have one word for you......lottery!:)

I've always been the turtle (imagine that) when it comes to making money. IRAs and 401k type stuff. You gotta ride the highs and lows, and keep your fingers crossed.

Up until a couple years ago I know a guy who lives near Las Vegas who hired contractors to build a house at a set price, and before it was finished, he would sell and make 25K or so. He had three or four going at a time. He had money to begin with though.

I keep looking for a pair of flip-flops at the final table of the World Poker Tour, but so far nothing......:)
 
Moosie you sure your from Idaho?? That is some rare thinkin' for these parts. There are a ton of books power of positive thinking, 5 lessons a millionare taught me are just a few.
 
It was funny that he called you poosie with a damn "P" dude not moosie but poosie that was damn funnny

Take a kid hunting. You will enjoy it more than they do!
 
My wife does all of our investing. She uses another firm, I'm not sure which. This fuel crisis sure has been good for certain stocks.
Eric
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Ultra liberal, wolf loving, illiterate, gay, hippie midgets on crack piss me off!!!!

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rich dad poor dad belive!!! may of 05 we had nothing but our house. sold it built 2 rentals mortgaged them fully. had money back from bank @ closing bought 2 other pieces. both of these where owner contract. one of them is on 5 lots we are about to start 8 townhouses. the other is 2 acres commercial next year will be 200 mini storages. net worth today 9 times 2005 net worth 2010 should be 27 times 2005!!!! IT'S JUST A BOOK BUY IT FOR YOUR KIDS. COULD BE BIGGER THAN A COLLEGE EDJ. Just wanted to share w/fellow mm living bellow your means & following rich dad poor dad can give you access to tags that are not in the drawing. Now i'm off to find that p2p site. good luck to all.
 
I traveled with an investment seminar as a roadie, it had various presenters, each had the perfect formula for makin a grundle.

At dinner one day I asked one presenter,

"If your program is so good, why don't you just go out & fallow your formula to fortunes"

His reply,
Cause its much easier to make money off other peoples greed !
 
264, OHHH yah, thats what you meant, I thought it was funny 5 years ago when he started calling me that :) :)

2rivers no, not origionally from here but been here a long dang time. I don't think like most Idahoins.. well, nor like most people anywhere ;)

eel, Sometimes Turtle is a good way of going. Slow and steady. Rabbit races often results in Panic attacks and worrying. You are not gonig to see Flip Flops at the WSOP, but I would love to try sometday ;)

DIY, I've read both books, both good books I would say. they don't tell you anything but common sense. Even after reading it you still have to follow the principles of it.


-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
"His reply,
Cause its much easier to make money off other peoples greed !
"

In my investing section on my board I always say the best way to make money is from poor people. It's a sad but true statement. People that don't understand money or want alot of it are always willing to pay for things they don't need or will never use.

That, is why I like the P-2-P lending site. People that need money, willing to pay money to get it. :)

B-squirle, sounds like you found a good path and are on track. Kudos man !

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
Moosie, I looked over that site and googled it. It looks legit to me. Kind of cool really.

How does Prosper get their cut?

If someone defaults is there any way to go after them?

I guess if you've only "donated" $50 or so to a loan it wouldn't hurt that bad? Is that the reasoning? More risk if you lend more I guess.
 
LAST EDITED ON Mar-16-08 AT 09:29PM (MST)[p]
First off, if you're going to join, you need to sign up with me, then we both get $25 :) (YAh, I'm wanting free money if you are going to sign up becasue of me. I'll give "founder" part of it :)). And no, it's not a Pyrimid, it's a one time "bribing" fee from that site. ;)

http://www.hunttalk.com/forums/announcement.php?f=85

There are a couple guys here that have a few bucks in over there. I was really wondering what their thoughts were on it.

Next, yah, you can fund all or part of the loans. I usually stick to the minimum of $50 but some loans I feel better on so I dump in a little more. the loans are all 3 years and range from 1k-25k You can imagine if there are only $50 lons on a 25k deal thats 500 people putting in coin to fund it. Some people put in 1k a wack. My biggest one I've made was $500 but I talked to the guy and Emailed him quiet a bit and felt comfortable.

Is there a way to go after them ? Well, legally no, there is no recorse. Prosper has ways of trying to get them to repay and then they sell the defaults off to buyers and you get Pennies on the dollar for them. I look at it like If I have 30 loans and a couple default at $50 but I'm getting 18% return, I still net 12-13% return. I'm actually expecting defaults and as long as it's not to many, I'm going to be happy :)

Here is their rules on defaults :

http://www.prosper.com/help/topics/lender-manage_defaults.aspx

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
LAST EDITED ON Mar-16-08 AT 09:40PM (MST)[p]On the other side of that Site, If someone here needs to "BORROW" money, let me know via Email. I can endorse you as a "friend" and lend you money. I'm all about helping someone if they are in need too. Heck, I lend to strangers, why not guys I talk to and bust their chops on the hunting boards....Who knows, maybe someday I'll need help (Someone should be all over that statement ;) ).

Many people use that site to get lower interest then they are paying on Credit cards. Just something to think about.....

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
Just so you all know, I did read on their site about $25 free when you sign up and $25 to the peron who "refered" you.

Moosie, it looks like you know how to pick the good ones! So far, so good!

Eel
 
I'm not saying I know how to pick them just yet.. I do have a Stratigy and it looks like it's working. (SO far :) ) Here's the problem with it though. Alot of the ones I would bid on aren't getting funded. So I bid early on, Have money tied up for 5-10 days and then when they don't fund I get the money back and start all over again. So I would be willing to let you know who I'm bidding on and Why if you want. But Heck, all you need to do is check out the 3rd party sites to see that. If you go to the link I posted above :

http://www.lendingstats.com/lenders/MoosieID

and look towards the bottom, it has an Active Bids link. those are loans I have been bidding on. Some are expired, some in review, some are cancled and the rest are active waiting for more bids. I've also followed some other guys that have faired well out. I'm all about learning from people with good history !!!!

There is a search criteria on that site to eliminate people with DQ's (Delinquencies) from your search, ones with a high DTI (Debt to income), etc. there is usually over 4-5 thousadnd peopel asking for money. it would take forever to go through them withough having some eliminated from the get go. You can have people that make a certain amount, or whatever. It's pretty simple once you're in it. then, you can ask the borrowers questions and get more specific info from them. Just remember, PEOPLE LIE ALL TZHE TIME !!! I usualyl ask questions just to see if they are willing to at least make something up to try to get money. They post their Budgets, etc. Alot of time the answer tells you alot.

Anyway, Something to Chew on... I know I've wasted pleanty of hours on that site lately. But I've wasted pleanty of time on mm.com and hunttalk as well :)

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
eelgrass
"How does Prosper get their cut?"

They charge a loan origination fee and a 1% monthly fee on the loan taken out as fee's.

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 
Moosie,

Sounds interesting. I will check it out. However, it seems to me that most people willing to pay that high a rate of interest would be good canidatas for not paying back (or not being able to pay back) the loan.

Mark
 
Moosie what do you think of the philosphy of not have equity in your house? Having that $ work for you.
 
In my opinion the best investment right now is in hard money real estate loans. We charge 6 points and 16% per month on 90 day loans. We don't loan on anything over 50% loan to value to keep it very safe. That business is booming right now and very lucrative. But it takes money to make money and nothing is guaranteed.
 
F'man, yah. That is some high rates. Alot of people pay them because they have too. Some times the "have to" is because they have to have a big screen TV or they have to go on vacation....yah, "have to's.

Lots of people are in WAY over their head. Some people have doctor bills or what-nots and get behind. It's hard to get out from being behind. Most people pay credit card payments and don't blink, it's just another payment. Whats 20% on a payment if you don't understand it. To answer your question though , YES, loans can and will default. Be it 35% or no %, some people jsut don't honor paying entitties back... HEHE I said en~titties :)

deerlove, as far an not having equity in your house... well, I'm more of a fan over all. I think you should invest into items that make you money. If you can borrow off your primary residence and get a better return, why leave that in your house ? I took out a 2nd on my house and bought 2 homes with it. The homes cash flowed and I could pay the extra payment on my house so why not ? Problem happens when you borrow more then you can pay to make a "quick buck" and lose on that investment. Now you lost your equity AND owe more elsewere.

Mortgage man, Ya, hard money lending had always been a good way to make some good coin. Problem is, I bet only a handfull of guys would be able to do that here, and of them, only a couple have the Gonads. I don't have that kind of money. I had a friend a couple months ago get burnt on 50k lending. I've had others cash in on hundreds of thousands. It's like any other investments, jsut takes some research and risk.

Good to see others doing stuff. I know I invest becasue I like it, and I see it paying out future hunts.. (Hopefully) :D

So, no one else has done the P-2-P lending to share a story be it good or bad ?!?!

-Moosie

People, they thin' I don't know a Buttload of Crap About the Gosple, but I do. (Nacho Libre)
 

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