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Lendinc CLub vs. BIC comparison

Started by Peter, June 16, 2015, 11:00:00 PM

Previous topic - Next topic

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" class="bbc_link" target="_blank">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" class="bbc_link" target="_blank">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" class="bbc_link" target="_blank">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 https://forum.lendacademy.com/Smileys/default/shocked.gif" alt=":o" title="Shocked" class="smiley" />

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" class="bbc_link" target="_blank">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".






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" class="bbc_link" target="_blank">http://www.youtube.com/watch?v=ppDT1alRf0M

A 35-year-old guy with a 19-year-old son.  Financially retired.


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" class="bbc_link" target="_blank">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.


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