Portfolio update January 2020

Portfolio update January 2020: P2P investments Envestio Bulkestate Reinvest24 Viventor FastInvest Swaper Robo.cash Twino Mintos Bondora Crowdestor Crowdestate Grupeer Kuetzal PeerBerry Wisefund reviews



First month of 2020 has passed and it’s time for another update.

January was a hetic month.

  • We arranged a “name giving party” for our 7 month baby with 30 family members.
  • A birthday-/”fare well” party was held for our oldest daughter’s 25 class mates.
  • We took hundreds of pictures of our belongings and listed them for sale on Facebook Marketplace. More than 60 people came to our house throughout the month to buy something.

(We are only bringing 2 x 20 kg suitcases and 4 x handluggage on the plane to Portugal, thus, we need to get rid of almost everything we own.)

And if that wasn’t enough…

  • Two platforms disappered and my money disappeared with them.

I’m still not sure what happened. I knew it was high risk investments but I didn’t expect the platforms to be outright scams.

I had not previously seen any scams in the Baltic P2P scene and after meeting borrowers and seing projects I couldn’t imagine everything was setup to be a scam. Maybe some projects and borrowers were real, while others were not?

I hope the Estonian police will find out, they’re investigating both cases: https://www.politsei.ee/en/news/were-envestio-and-kuetzal-a-fraud-1151

While I don’t expect the police to find any money, I hope they find enough evidence to place them behind bars for a considerable amount of time.

Let’s see how bad it looks after I lost 44 700€ in one month:


Monthly Income Statement: January 2020

Crowdlending Income XIRR Invested Value
Bondora* -393.13€ 3.93% 10 994€ 14 987€
Bulkestate* 0€ 13.76% 10 000€ 10 989€
Crowdestate* 3.57€ 6.11% 5 850€ 6 853€
Crowdestor* 1 032.79€ 16.25% 85 000€ 91 851€
FastInvest* 57.94€ 16.36% 3 658€ 4 851€
Grupeer* 248.70€ 14.92% 20 474€ 23 554€
Mintos* 264.02€ 16.10% 20 000€ 24 065€
PeerBerry* 68.24€ 13.56% 5 500€ 5 788€
ReInvest24* 2.64€ -0.96% 1 000€ 993€
Robocash* 87.82€ 12.79% 10 000€ 12 229€
Swaper* 131.92€ 14.23% 10 000€ 13 304€
Viventor* 64.15€ 12.00% 5 000€ 5 292€
Wisefund* 346.39€ 24.40% 18 431€ 20 626€
1 915.05€ 10.41% 205 910€ 235 387€
Scams XIRR Invested Value
Envestio -100% 20 000€ 0€
Kuetzal -100% 24 700€ 0€
-100% 44 700€ 0€
Real Estate Income Invested Value
Property #1 704€ 18 080€ 40 436€
Property #2 1 167€ 61 200€ 59 947€
1 871€ 79 280€ 100 383€
Total 3 786.05€ 329 890€ 335 770€

That means I’m 126.20% Financially Free (-53.97 percentage points from last month).

My second goal of 7 000€ per month reached 54.09% (-23.13 percentage points from last month).

Good news: I’m still financially free. Bad news: I lost all earnings from crowdlending investments and then some.

Portfolio performance: Historical view

Income from Crowdlending & Real Estate combined was 3 786.05€.
(-1 619.11€ less than last month).

Monthly income from investments January 2020

“Crowdlending (except Bondora)” reached 2 308.18€.
(-1 683.95 less than last month).

Income from Crowdlending ex Bondora January 2020

Bondora

I stopped reinvesting in Bondora* a long time ago and I’ve started the slow withdrawal process.

I read somewhere that Bondora’s own employees only invest in Go&Grow. None of them uses Portfolio Manager or Portfolio Pro. They have probably seen my income graph as well 🙂

Income from Bondora January 2020

161.60€ was recovered in January but I still have 25 506€ in defaulted loans.

Bondora cash flow from recoveries January 2020

I do not recommend investing with Bondora unless you use the “Go & Grow” product only.

If you want to use Bondora’s Go&Grow as a savings account and earn 6.75% interest rate with instant liquidity, use this link* to get 5€ free when you sign up.

See more info and screenshot from my Bondora account

Bulkestate

I’m only invested in 1 project on Bulkestate* and the next payout is scheduled for 21.12.2020.

This graph will be quite boring to look at unless I invest in more projects.

Income from Bulkestate January 2020

Project “Martas Street” was cancelled on Bulkestate* in January. A final check on the borrower revealed falsified documents. No money was paid out to the borrower and the money returned safely to investors accounts.

Bulkestate cancelled investment

A list of new features was announced yesterday:

Bulkestate platform updates

See more info and screenshot from my Bulkestate account

Crowdestate

The problems on Crowdestate* starts to show in my income graph.

Income from Crowdestate January 2020

I have 6 late and 1 defaulted project with Crowdestate.

It’ll be interesting to see how well Crowdestate will handle the defaults and delays in 2020.

See more info and screenshot from my Crowdestate account

Crowdestor

Crowdestor* is still my favorite platform. They offer a variety of projects with different risks and different yields.

I like their team and the way Janis Timma replies to questions on Facebook.

Income from Crowdestor January 2020

On January 8th I invested 10 000€ in the Limp Bizkit 2020 summer tour.

Limp Bizkit summer tour 2020 investment

See more info and screenshot from my Crowdestor account

Envestio

If you invested in Envestio, you should read this article by the Estonian Police and follow the steps described.

I have so many unanswered questions about Envestio, I don’t even know where to start. Some part of me wants to get answers for everything and another part of me says “why bother, spending time on this will not get my money back”.

From the rumors I hear, “Envestio was not originally intended to be a scam but something happened along the way”.

I’m looking forward to hearing from Sergejs, who agreed to answer questions from investors. I expect his project to be real and I’d like to know how he plans to pay investors back.

These articles are the best I’ve found on the subject so far:

FastInvest

I’m really twisted about this platform. A lot of people say it’s obvious they’re a scam.

I have invested with FastInvest* for 21 months without any issues.

Income from FastInvest January 2020

In 2019 FastInvest provided some names of 2 of their loan originators.

  • eCommerce from Iceland which no one seems to have heard of.
  • Kviku which is well known from Mintos where it has a B rating.

The revelation of only 1 well known loan originator wasn’t enough to convince me to stay with FastInvest. So I stopped reinvesting on January 24th and made my first withdrawal request on January 31st.

A few days after my withdrawal request, FastInvest announced the name of another loan originator, CAPITAL SERVICE S.A. which is also known on Mintos where it has a B- rating.

I immediately reached out to CAPITAL SERVICE S.A. to hear if they could confirm the partnership, which they did:

Capital Service S.A. FastInvest

If FastInvest is a scam why would Kviku and Capital Service S.A. want to do business with them? Why does it have to be this hard to know who to trust?

See more info and screenshot from my FastInvest account

Grupeer

Grupeer* remains one of the most stable investments in my portfolio.

Income from Grupeer January 2020

In an attempt to anwer the most asked questions and bring peace of mind in this chaotic market, Grupeer recently released a statement on YouTube:

See more info and screenshot from my Grupeer account

Kuetzal

Since my last monthly update it was clear that Kuetzal was a scam. Maybe a few borrowers were real but most seemed never to have worked with Kuetzal.

The website is now deleted and it’s obvious that they’re not going to pay anyone back in February, as they initially stated.

Similar to Envestio, If you invested in Kuetzal, you should read this article by the Estonian Police and follow the steps described.

Mintos

The interest rates on Mintos* keeps climbing up, it’s not uncommon to see 15-16% loans these days.

Income from Mintos January 2020

A German guy created this Google Sheet which is automatically updated with the latest interest rates from all Loan Originators on Mintos. It’s really nice to get an overview of current and past interest rate levels.

If you sign up with my Mintos referral link*, you’ll get 0.5% cash back on all investments you make within the first 90 days of registration.

See more info and screenshot from my Mintos account

PeerBerry

I use PeerBerry* for my children’s savings account.

Income from PeerBerry January 2020

Overall, I’m happy with the platform even though the highest yielding interest rates have dropped from 13.1% to 12.7% since I opened my account.

There’s plenty of short-term loans available at 12.5%. (A rise from 11.5% last month).

See more info and screenshot from my PeerBerry account

Reinvest24

Not much new on ReInvest24* since last update.

2 out of 3 projects I invested in are paying dividends, 1 is waiting to be sold.

Income from ReInvest24 January 2020

I hope ReInvest24 will turn out to be an amazing platform. They’re still lacking volume to fund their projects fast enough.

This is their latest project, which is already rented out (8 year fixed rental contract). Investors will start earning interest from the day they invest. 61% of the project has been funded now.

High yielding office space ReInvest24

If you want to try ReInvest24 you will get 10€ instantly credited to your account if you sign up with my ReInvest24 referral link*.

See more info and screenshot from my ReInvest24 account

Robocash

January started out as a weak month for my Robocash* portfolio. At one point I had 10k EUR idle (not invested in any loans) out of my 12k EUR portfolio.

Income from Robocash January 2020

However, they added a lot of short term loans last week and all my 12k are invested again.

See more info and screenshot from my Robocash account

Swaper

Not much to report on Swaper*. Cash drag was not too bad in January, I had 1k EUR idle on average.

Income from Swaper January 2020

See more info and screenshot from my Swaper account

Viventor

I’m still testing out Viventor* to see whether it’s a platform I like to keep in the long run. The platform is working very smooth – so far so good.

Income from Viventor January 2020

Not a single repayment from the troubled loan originator “Aforti” in November, December or January. No news either. Not a good sign. But the same goes for Aforti on Mintos, no difference there.

See more info and screenshot from my Viventor account

Wisefund

Interest on Wisefund* in January was lower like expected.

Income from Wisefund January 2020

I decided to reduce my exposure to Wisefund until I’m 100% certain they’re legit. So I withdrew my 11k EUR which was returned from a finished project and I withdrew the interest earned in January. Both withdrawals were in my bank account a few days later.

If you sign up and invest through my referral link*, you will get 0.5% cash back on all your investments the first 270 days.

See more info and screenshot from my Wisefund account

Real Estate

I received rent from all 5 tenants on time as usual.

The rent for most tenants is adjusted according to the “consumer price index” every year. Thus earnings increased a litte from 1 853€ to 1 871€.

Income from rental properties January 2020

See more info about my First property and Second property

Savings rate

My savings rate in January was 53.63%.

Personal savings rate January 2020

I have officially received my last paycheck from my former IT job.

From now on, I’m relying 100% on myself to generate enough income for our family. A bit scary to think about but I’m up for the challenge.

Moving to Portugal will definitely help us to keep our expenses low.

See more info about my Savings rate

Blog statistics

Visitors: 23 476 (+41.18% compared to last month)
Page views: 104 394 (+42.20% compared to last month)

2909 Subscribers (+262 compared to last month)
1 441 Facebook followers (+136 compared to last month)

Start your own blog

FinanciallyFree is hosted on SiteGround* for the incredible low price of 3.95€ per month. I honestly couldn’t imagine a better host for a WordPress site!

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Free EUR bank account with no fees

I recently opened a bank account with N26* and received a free MasterCard. They are similar to Revolut* but N26 has much higher transfer limits and you can withdraw euros from any ATM up to five times every month for free.

N26 is a German bank with base in Berlin and your account is secured up to 100 000€ like any traditional bank!

2 of my good friends have been using N26 for a couple of years and they both endorse their services. I LOVE N26 already!

N26 bank account

Quote of the month

“If you lose money you lose much, if you lose friends you lose more, if you lose faith you lose all.” – Eleanor Roosevelt

That’s it for this month!

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P.S. When you comment, please use your real name (first name is enough). Blog names are not accepted and will be renamed to Anonymous.

50 Replies to “Portfolio update January 2020”

  1. Isn´t it nice with real estate, no huge interest in percents but the capital does not disappear just like that.
    Regarding Envestio, I have bene wondering what happens to loans (real ones, if any) when “bank=envestio” has disappeard, shouldn´t they still carry on paying their debt, both capital and interest ? If so, then how do they do that ?

    1. Absolutely, real estate adds a needed element of security in my portfolio (even though it’s leveraged through mortgages).

      Borrowers should indeed pay off their debts to investors, that’s why I’m looking forward to hearing the response from Sergejs.

    2. According to Envestio’s Terms of Use, if the website closes:

      11.4.1. The transactions made through the Website shall remain in force under the terms and conditions set forth therein and

      11.4.2. The settlements arising from transactions made between the respective User and other Users shall thereafter take place through the bank accounts of the respective User and other Users based on the payment orders given by such Users (for the purposes of clarity: after the expiry of the right to use the Website, the Website Manager shall not be responsible for making or receiving payments on behalf of the Users). The Website Manager shall inform the Users who have valid transactions made through the Website with a User who no longer has the right to use the Website of the expiry of the respective User’s right to use the Website; and

      11.4.3. The Website Manager shall pay the positive balance registered in the Investment Account (as of expiry of the right to use the Website), deducting the sums payable to the Website Manager, to the bank account of the User within 10 (ten) working days from the expiry of the right to use the Website.

      But I don’t think that they are playing by the rules. The borrowers will not know whom to pay. And Envestio certainly haven’t paid back Investors’ positive balance.

    1. Portugal is beautiful, been there 2 times and I understand him completely. Plus it is much more cheaper than Denmark and it is almost always sunny weather, plus people are easy going and friendly.

      1. Thanks for your honest view on all of that. It isn’t easy to see part of your portfolio has probably gone. Do you plan to add some etf & divi stocks to your portfolio to reduce the risk & diversificate more? I am really happy to be in p2p/stocks & etfs/real estate and a bit of crypto. Also, crossed fingers for your PT journey. I spend like 3 months per year here in Algarve (Armacao). Feel free to hangout for a beer if you are somewhere close 😉 Enjoy and thanks for your time you put into all of that here. Jan

  2. Hey Jorgen, somewhy the post is not available on the main page of your blog. I received the update info from a subscription email.

    Somewhy I was thinking that the Kuetzal and Envestio scam news would generate more views/visitors for your blog, but I guess a solid 41% raise is still a great result.

    Anyways, I am happy to see that you are still doing well. Keep on grinding!

    1. I tried flushing the cache, try to see if you see the post now.

      I don’t care really about blog traffic which is generated from bad news. I’d much rather have my investments back.

  3. envestio….i invested first 5000 eu and a few weeks later i made another deposit to the same account…..10.000 eu….they’ve send me an email that the old account was not longer in use…..after a few emails they returned my 10.000 eu back to my account…..now i think the 5k is gone….i’ll try to email them….fingers crossed…..

    1. They’ve packed up and left, there’s a lawsuit underway to try and recover some of the funds. E-mailing won’t help… (Their website even got deleted and all e-mail account have been removed, their office is also gone)

  4. Sorry for your loss Jørgen! We really need regulations on this market. Im glad your still positive – you really have an exiting period in front of you. All the best, Jørgen.

  5. Sorry to hear that, it is a really big loss blow but I hope you will recover from it quickly.

    Do you consider now leaving all these P2P landing platforms?

    Gains are really god but catastrophic loses like this can happen also.

    I think it is smart that you have also invested in real-estates.

    What do you think about this portfolio?
    7% Gold
    35% ETF index funds (from this 80% S&P500 and 20% Emerging markets)
    25% Governament bonds, or long-term deposit if it has at least (2,5% annual interest – possible if you have one from the past, today almost impossible)
    23% Money in bank (or in real-estates like you – better)
    10% Risky investments (P2P landing platforms and crypto)

    1. I’m not leaving all platforms, I like the monthly returns and the cash flow it generates.
      Portfolio composition is a personal choice. You rarely find two people who has the exact same composition.

  6. I just got mail from Mintos: they have an agreement with Aforti and they are resuming payments, oldest loans first.

  7. Hi Jørgen,

    about 38% of portfolio in Crowdestor. Any thoughts on adding to other platforms to spread the risk?

    Kindly,
    Janis

    1. Janis – I would reduce that significantly . EstateGuru , Evoestate, Peerberry, Mintos , Lendermarket , iuvo group all much safer. Crowdestor I wouldn’t have much more than 5% my P2P portfolio in.

    2. I do have quite a bit of exposure to Crowdestor and I agree, it’s too much for my current portfolio size. I’ll see how I can redistribute some funds as projects are paid back.

    1. Yeah but Kredia.dk is registered by Verrier Group a.s. from Czech republic. So basically it’s a Czech company with HQ in Denmark which provides loans to people in Iceland? Sounds sketchy to me.

      1. Verrier Group a.s. is a registred company without office and employees but with bearer shares. The Director is a lawyer. Turnover of year 2017 is ZERO, the same in the year 2018.

      2. I have some ties to Iceland and decided to leaf through the Icelandic
        media. Turns out that the company eCommerce 2020 made quite a few headlines there last year. I could do a quick write up here if there is interest. But long story short – it’s a big stinking pile of shell companies. Operating from Denmark, targeting Icelandic consumers, but with ownership tracing back to the Czech republic (at least on paper). Their business: predatory lending.

  8. About Crowdestor, I recived an email from them in which they claim to have delaying into moving money from the bankaccount to the website available funds as there are a lot of people asking to withdraw, which are done manually. 🙄

        1. How do you know that the money on our virtual Crowdestor accounts are real and ready for withdrawal at any time? Don’t you think that it’s kind of strange that up until now all interest and principal payments were made exactly on time?
          To me it sounds a bit weird that all these businesses that can’t get bank financing for a variety of reasons pay back their high interest debts precisely on time to Crowdestor.

          PS Sorry for your losses 🙁

          1. I have had 3 projects that were not paid on time. All were 1-2 days late. So all interests have not been paid exactly on time.

  9. Hi Jorgen,
    I’m very surprised because the rental income of your real estate is very high compared to property value. Is it quite normal in your country or it is so high because you bought the properties at a very discounted price?
    For instance, i have a rental property in Italy with a rental yield of 4%.
    Sorry for your P2P issue.
    BR
    Stefano

    1. Man, with 4% I wouldn’t even bother with the hassle of having tenants. You can get 5%+ with simple index tracking ETF’s.
      For any rental property, the absolute lowest yield should be 8% or higher to make it worth it, especially if you have to get a mortgage for it (it should at least cover the mortgage, the principal payments and leave at least 2% for maintenance).
      This goes for most of northern Europe (I’m from the Netherlands, I would NEVER buy anything sub-7%).

      1. Laurens, you are right, that is my thinking too, just by looking numbers and percent it is so BUT back to the reality. WOuld you invest same amount of money to etf, funds or what so ever equal to a property value ? Would you get loan against your etfs or funds ? By buying property with loan money and renting it out it is possible to make money from the scratch. I don´t think it is possible with other “instruments”

        1. I’m looking purely at profit rate, 4% is way too low, ESPECIALLY when loaning against the property. Rentals are NOT passive income, they require upkeep and have other risks than purely financial (which always end up being financial risks, like having your property completely destroyed from the inside by tenants, troubles with evictions (you can’t evict someone immediately when they don’t pay, in a lot of countries)) and always require you to actively work on them to fix them.

          And it’s very easily possible to “make money from scratch” for investing, this is called leverage and has been used for the past 100 years.

          I’m not saying real estate is a bad investment, it isn’t, I own multiple units. But all are WAY above 8% in profit. I wouldn’t even consider buying a property when my outlook on ROI is only 4%. That’s “back to reality” for you.

          1. Laurens, would you please open a little in which context you gain more than 8% by owning a property or apartment and renting it out ? Here in Finland you can do it too but then you have either very old apartment or house or you are in the middle of nowhere. So risks level is very high for zero income months and/or huge amount of massive and expensive renovations are waiting right behind door so to say. If I buy a new apartment 2% is very good profit, most likely it is just 0% but prices are going up due to more people are moving to the city of ours. By renting business properties is a different story I am talking about private ones. Risks levels and vacant periods are all different ones.

          2. Janne, I think you’re calculating your percentages in a different way than me. I’m looking at percentage of total value of the property. (So, if a property is 200k EUR, 8% means I get 16k EUR per year in rental income) Obviously, mortgage, maintenance and taxes are subtracted from that. I aim for a mortgage with a runtime of no longer than 20 years (which means 5% of the value of the property goes to the mortgage payments already), currently interest is very low, so 2% is doable. This means that in the first year 7% of the value of the property goes to the mortgage. That leaves just 1% to cover other costs.

            So yes, in the first year, there will be no profit (if the property has a full mortgage on it) and it will increase slightly with every year that you pay off the mortgage. At the end of 20 years, you’ll have a “free” property ofcourse.

            The 8% I mention is the rental income compared to the value of the property. It doesn’t say anything about actual profit (which it is, if you don’t have a mortgage).

            Anything below 7% and you’re basically just paying money to “save up” money.

            (From a private real estate perspective, I only own apartments in bigger cities in The Netherlands with a big tech sector, I solely rent furnished apartments to expats which means I switch renters more often, but they pay WAY more and the longest I’ve had a vacancy in the last 5 years is 3 days)

  10. Hi Joergen,

    Sorry for your losses with Kuetzal and Envestio. About Robocash, what do you mean with new short term loans in the update? The only ones I have seen are 10% 365 loans in Singapore.

    1. You might not see the 12% short-term loans in the “available loans” list. But my auto-invest picks them up daily.

  11. Hi, in your blog you have not mentioned what is your feelings about lawsuit against E, have you joined it ? You did not mention about this development on your blog, not everybody lives on FB so your blog is one of sources people can get latest news…….

    1. I’m not in the habit of throwing good money after bad, so I’m not joining the law suits. Like I said in the update, I don’t expect the police to find any money. I hope they find enough evidence to place them behind bars for a considerable amount of time. I’m reporting them to the police and helping to provide evidence in any way I can.

  12. I just hope they catch and lock up the scammers. It ain’t so much about the money, after all.

  13. Hi Jorgen,

    As a general comment, it’s good that you have diversified into some real estate deals, but it seems like you are still very heavily exposed to P2P lending in general, and especially Baltic P2P. This raises your risk considerably in the event of a credit crunch, and given that the EU seems to be teetering on recession that should not be far from your mind.

    It might be worth your while to diversify your risk more to other real estate investments or real estate crowd funding platforms, and consider some other types of income investments like dividend-yielding stocks or public issued corporate bonds.

    Some of these may generate less yield than P2P lending but they often have more liquidity, lower risk, and more transparency.

  14. Hi Jorgen, thank you for this transparent update on your portfolio. What do you think about Crowdestor with such high and unusual returns? These returns (and projects) remind me of Envestio, where I lost money as well. I am very skeptical about Crowdestor and I was curious about your opinion, especially seeing you have such a big amount of your portfolio invested in this platform.

    1. I think Crowdestor is different than the rest. I’ve always trusted them more than any other P2B platform, that’s why I have most of my P2B money with them. But that’s just my option, you can meet them and have your own questions answered in their office if you want.

  15. Hi Jørgen,

    Do you know if investments made with Envestio can be deducted from SKAT? Have you investigated the matter?

    Regards, Dennis

    1. Hi Dennis,

      I’m not sure. If the police consider Envestio a scam and they are able to verify the identies of the scammers, we might have a chance. Unfortunately, there’s several cases where SKAT has denied deductions due to internet fraud.

  16. Hi Jorgen,
    Please log in to Telegram and assign new moderators to the Kuetzal Discussion group you created. You are not online much on Telegram and it would help stop the trolls and racists.

    I can volunteer to be an admin.
    Thank you.

    Andrew

  17. Jorgen. I can see you have nothing invested on Monethera and you say nothinh about them
    Some reason?
    Gracias
    Rault de Rigaise

    1. The reason is, I don’t trust Monethera and I only speak about the platforms I invest in. I think Monethera will be the next site to shut down

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