Portfolio update March 2019

Portfolio P2P investments Envestio FastInvest Swaper Robo.cash Twino Mintos Bondora Crowdestor Crowdestate Grupeer reviews

Disclosure: All links to products and services mentioned on FinanciallyFree.eu are affiliate links. If you go through them to sign up for a service I will earn a commission. Sometimes you will receive a bonus too.

Hello fellow Financial Freedom and Wealth seekers!

Weeeeelcome to another episode of “my life is pretty darn busy” at the moment!

Here’s a few of the things I’ve been busy doing in March:

  • Work full time on my 8-16 IT project manager job
  • Renovate the 1st floor and kitchen of one of my apartments (I’m paying professionals to do this but is still requires my attention and decision making)
  • Create water usage statements from 2018 for my tenants (in cooperation with the new property manager)
  • Ended relationship with my accountant and found a new one
  • Work on the 2018 Financial Statement for my Rental Company
  • Find a new tenant for the empty apartment
  • Wedding planning (not my own)
  • Negotiate purchase conditions and price on my upcoming Second Property
  • Answer emails from you guys
  • Be a father for my kids and try to prevent my home from looking like a big pile of garbage
  • New podcast interviews (I’ll let you know when these are published)
  • Investigating new investment opportunities and new platforms

I think you get the picture. I won’t complain though, it’s good to be busy!

Busy means progress and progress is needed to reach our goals. The sails are set for success and we are cruising towards the big dream, which is slowly starting to show it’s pretty face in the horizon.

Let’s move on to the numbers to see how much my investments brought in.

Monthly Income Statement: March 2019

Crowdlending Income XIRR Invested Value
Bondora -309,28€ -7,33% 14.100€ 22.373€
Crowdestate 23,47€ 7,13% 7.000€ 7.712€
Crowdestor 155,64€ 17,26% 20.000€ 21.123€
Envestio 327,79€ 21,68% 23.093€ 25.789€
FastInvest 65,93€ 16,12% 4.100€ 4.728€
Grupeer 137,21€ 15,28% 10.000€ 11.320€
Mintos 84,52€ 14,77% 8.000€ 9.759€
Robocash 28,57€ 10,99% 6.000€ 6.886€
Swaper 124,17€ 16,26% 9.000€ 11.020€
Twino 30,35€ 16,06% 1.300€ 2.792€
668,37€ 102.593€ 123.506€
Real Estate Income XIRR Invested Value
First property 672€ 71,52% 18.080€ 29.893€
Total 1.340,37€ 120.673€ 153.399€

Portfolio performance: Historical view

“Income from investments” in March was 1.340,37€.

That means I’m 44,68% Financially Free (down 5,07% from last month).

“Income from Crowdlending” in March was 668,37€.
(-152,15€ less than last month).

“Crowdlending (except Bondora)” reached 977,65€.
(-101,53 less than last month.)

What caused the 5% drop?

As weird as it sounds, the bump on the road was actually caused mainly by good events:

  • Project completion and loan repayment on Envestio (good)
  • Project completion and loan repayment on Crowdestor (good)
  • Less principal and interest received on Bondora (bad)

When a project is completed it takes a few days to reinvest the principal. This causes a small drop in the interest earned in the following month. Next month’s earnings will be higher because everything will be invested again.


A negative month on Bondora as usual.

I withdrew another 2.000€ so total withdrawn amount is now 12.000€ out of 26.100€ invested. I still have a long way to go to get my invested principal back.

To any new readers, I do not recommend investing with Bondora unless you plan to use the “Go & Grow” product only. The Go & Grow product is actually alright if you’re satisfied with a 6,75% interest rate and instant liquidity.

Unfortunately, Go & Grow was not available when I started investing with Bondora back in 2015. I’ve got everything locked up in the traditional lending products called “Portfolio Manager” and “Portfolio Pro” where the investor takes all the risk.

There’s too many defaults related to the “Portfolio Manager” and “Portfolio Pro” and the costs of recovery is too high. If you go down that route, chances are that your income graph will look much like mine after a couple of years.

Bondora net interest received
123,45€ interest received but 432,73€ principal missed.
Bondora recovery
142,32€ was recovered from loans in default in March. Not enough to turn the numbers green.

See more info and screenshot from my Bondora account


The income I get from Crowdestate at the moment is from short-term (6-12 months) business loans.

I’m looking forward to receive payments from the first real estate development projects I invested in. Once these bad boys are finished I hope to see a nice return. There’s still 1-2 years left though, so patience is key.

See more info and screenshot from my Crowdestate account


Crowdestor is a small gem that offers attractive interest rates (12-20%), for short-term projects (3-24 months). In my opinion it’s the only real competitor to Envestio.

The first Crowdestor project I invested in 13 months ago called “TESLA TAXI Park Riga” was successfully completed and my 2.000€ investment was repaid in March.

I also added 5.000€ to my Crowdestor account pushing my account value above 20.000€.

I (re)invested the 7.000€ between these 3 projects:

  • Warehouse Riekstu
  • Kabuki Restaurant at Salaris
  • Saapio

See more info and screenshot from my Crowdestor account


Envestio is one of the most popular platforms at the moment and it’s easy to understand why.

  • High interest rates
  • Short duration projects (usually less than 12 months)
  • Partial buyback guarantee (at least 90% of principal returned even in case of default)
  • Payments received on time
  • Clear answers to any question from the staff

The project “Construction of Modern “Slowfood” Street Market” was successfully repaid in February so I didn’t receive any interest for this in March.

I reinvested the principal in new projects so I expect to set new earning records for Envestio in April.

Envestio launched lots new projects in March. Interest rates from 16-19,85%. All projects were funded very quickly!

OBS! With the rising popularity of Envestio, you’ll have to transfer money to your account before new project are released, if you want a slice of the pie. They usually get funded within a few hours, so keep an eye on your inbox.

If you sign up and invest through my referral link, you will get a 5€ bonus when you deposit at least 100€. In addition, you will also get a 0,5% cash back on all your investments the first 270 days.

See more info and screenshot from my Envestio account


I was right about my FastInvest prediction from last month. The drop in February was all paid back in March instead.

The new website design was finally released and the visuals are a lot better than the old design! With the new design, I get a good estimation of upcoming returns as well.

On the Statistics page I can see that 55,36€ interest is planned for April. Isn’t it great to have this visual overview of expected payments? I love it 🙂

When I visited FastInvest they told me the new website design would be released in Q1 2019. Check!

They also told me, information about their Loan Originators is the next big thing they’re working on and should be released in Q2 2019. If they make that deadline as well, I’ll be a happy investor.

See more info and screenshot from my FastInvest account


As you could see from my last blog post, Grupeer had problems with one of they banking connections last month. I think everything is sorted out and (if I’m not mistaking) all investors should have their deposits in their accounts now.

New loan originators: When I started investing with Grupeer in May 2018 it was a relatively small platform. I think they had 3 loan originators at that time.  That is not the case anymore. Almost 8.000 investors have joined and they work with 20 loan originators now (7 new loan originators joined in 2019).

I’m preparing an overview of the new loan originators for you, so you’ll have a chance to know them better. I will probably combine it with a new Grupeer Raffle, where you’ll be able to win 50€ if you transfer at least 500€ to your new or existing account. More on this in an upcoming blog post!

1% CASH BACK: In April you will get 1% instant CashBack for all investments you make in any Finsputnik Platforma project!

Please note: Finsputnik 1% CashBack offer only applies to standard Finsputnik projects, yielding 13% (where the borrower is neither NordCard, nor Kviku, nor Ibancar or other specific borrowers). CashBack offers listed above won’t be paid for investments made in projects, which are already subject to our regular CashBack offers (i.e., these special deals doesn’t sum with other CashBack offers). Regular CashBack offers can be found on Grupeer website and are marked with a special blue badge.

See more info and screenshot from my Grupeer account


My Mintos portfolio keeps returning lower numbers than expected. Not much but enough to make me wonder. I did have a bit of cash drag in March but only a couple of hundred euros. With 9.500€ invested I should receive at least 95€ per month.  Next month must definitely be higher, right?

Mintos also reached another mile stone: 2 billion EUR loans funded since 2015!

See more info and screenshot from my Mintos account


Robocash is still giving a nice profit and effortless investing experience. All loans come with 12% and buyback guarantee. It’s the most “hands-off” investment I have. You can literally “set and forget” it.

The interest returns bounce around due to “installment loans” that pay the full interest amount when the loans are returned after 1 year. Unpaid interest keeps building up day after day. In 6 months time the graph will start making some nice upward spikes.

“Interest by today” grew from 304,65€ last month to 354,43€ this month. This means that interest earned on Robocash was actually 28,57 + 49,78 = 78,35€

See more info and screenshot from my Robocash account


Not much going on at Swaper. They added more loans so cash drag has been reduced a bit, but I’m still concerned. I can’t even remember when I received an update from them last time.

See more info and screenshot from my Swaper account


Twino updated their manual investment tool without telling anyone about it. It made manual investing a bit easier, but just like Swaper, there’s not enough loans available.

See more info and screenshot from my Twino account

Real Estate

Lots of things are happening in the Real Estate business.

  • I received all rent from the previous tenant like I should, even though they moved out early
  • The apartment on the 1st floor is being renovated with a new kitchen and other improvements. Next month, I’ll post before and after pictures of the renovation for you to see
  • A new tenant was found, they will move in on April 15th

See more info about my First property

New property

It’s almost certain that I’ll buy this property in May or June.

I agreed with the seller on the price ~218.000€ and we’re now in the process of finding out how large a mortgage I’ll be able to get. I’m hoping for 80% mortgage and 20% down payment.

Next platform visit

Last month I left a small teaser about the next platform I’ll visit…

In the very beginning of May I will visit the platform KUETZAL.

NOTE: I’m not sure if I will invest in Kuetzal, the visit and my review in May will determine that. My bias towards this platform is neutral/skeptic at the moment!

If you have any questions for Kuetzal be sure to post them in the comments below or send me an email and I’ll be happy to ask them for you.

New platform in my portfolio

I have decided to add Bulkestate to my portfolio. I’ve followed the platform for more than year and I like the progress they’ve been able to show.

Further more, I’ve had a good talk with one of the team members and got some insight into future projects, that will be released over the next 3 months.

I can’t show specific data, because they are still subject to change, but I can show some general information:

  • 8 projects with a total amount of 4 million EUR is in the pipeline
  • Interest rates for these 8 projects are from 15-17% + up to 2% extra!

What is this 2% extra interest about?

  • Investors making EUR 10,000 or larger investment will receive 1% incentive payment from the invested amount.
  • Investors making EUR 25,000 or larger investment will receive 2% incentive payment from the invested amount.

I will transfer 10.000€ (to get 1% extra) and invest in a project with 17% interest rate, scheduled for release ultimo April 2019.

I’m also planning to visit Bulkestate later this year.

Best deal available

I’ve been able to negotiate the best deal you can get on Bulkestate.

Usually there’s no sign up bonuses available to new investors. I’d like to give something back to my readers, so I agreed to pass my affiliate earnings on to you guys!

If you sign up through my site you’ll get 5€ signup bonus and 1% Cash Back on all your investments made from 4th of April (today) – 31st of May 2019.

That means, if you’re willing to invest 25.000€ in a project through my link, you’ll earn up to 20% on your investment!

  • 15-17% from the project
  • +2% from investing 25.000€ or more
  • +1% cash back! <- Exclusive to my readers!
  • 5€ signup bonus <- Exclusive to my readers! 

If you sign up anywhere else, you will not get the last 2 bonuses. Use any link to Bulkestate on my site to receive your bonus.

The exclusive bonus to investors who are going to invest during the campaign period (from 4 April 2019 to 31 May 2019) will be paid in a form of cash back at the beginning of each month. I.e. Bonus for April will be paid at the beginning of May. 

Savings rate

My savings rate for March was 51,36% (-11,01% compared to last month).

I had 2 big expenses in March:

  • We bought a new blender. It was 900€ but my girlfriend paid 50%
  • I bought a new tailor-made suit (925€)

We’ve been looking for a high-end top quality blender for 4-5 years. I finally decided to buy a VitaMix Ascent A3500i. We are using it a lot, not only for blending but also for chopping up vegetables. Making baby food for our upcoming child will also be a lot easier, healthier and cheaper than buying it.

I’m attending 2 weddings this summer, one in Switzerland and one in Norway. I’ve never had a suit and decided to finally get one. My arms are abnormally long so tailor-made is the way to go. It doesn’t cost much more than a regular suit so it’s definitely the right choice for me.

See more info about my Savings rate

Blog statistics

Visitor numbers keep rising, not by a lot but I like the steady improvement.

Visitors: 11.124 (+10,97% compared to last month)
Page views: 46.702 (+12,86% compared to last month)

1.371 Subscribers (720 WordPress, 651 Sumo) (+186 compared to last month)
590 Facebook likes (+39 compared to last month)

FinanciallyFree is hosted on SiteGround for the incredible low price of 3,95€ per month. Even with 11.000 visitors and 46.000 page views per month it’s still pretty fast don’t you think?

Blog income removed

This was a tough decision for me. In short, I decided to remove the blog income because it stole the show. I got to a point where 9/10 emails and comments was about the blog income. It shifted everyone’s focus away from the investments – a direction I didn’t like for the blog. I hope you understand.

P2P conference in Riga

Are you attending the biggest P2P conference in LATVIA, RIGA ON JUNE 7-8, 2019?

P2P Conference is a unique two-day concept combining conference, exhibition, networking and fun. Europe’s P2P elite meets for the second time in Riga to listen to and discuss with internationally renowned speakers, extend their network and enjoy some incredibly good food and drinks in three handpicked locations.

18 speakers will give in-depth insights into the latest product, technical and regulatory developments in the P2P and crowdfunding industry. There will be plenty of learning, inspiration, and networking for everyone – from investors to platforms and media.

Unfortunately, it’s too close to delivery date of our third child, so I won’t be able to attend this year. Hopefully next year!

That’s it folks!

This is what I had prepared for this month’s update.

I’ve always wanted to give my readers exclusive access to special bonuses. I’m so happy I made my first deal!

Hopefully I’ll be able to offer more exclusive bonuses with other platforms in the future. Maybe not only for new registrations but also for everyone who has used one of my links to sign up to a platform?! Wouldn’t that be nice?

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61 Replies to “Portfolio update March 2019”

  1. Hasn’t your affiliate income very significantly expedited arrival of ‘freedom’ though? More so than anything else you’ve been doing : )

  2. Jorgen Wolf, totally get why you removed the report about the blog income. To be frank I was also anticipating to see those numbers this time.

    So, although it is a shift in focus of the blog, what you did do is inspire others. People who read about your earning numbers were happy for you (I definitely did), showing that serving your audience properly gets it’s rewards!

    I’m not saying this to push in any way, so you’ll publish those numbers again, but saying it had a good aspect too.

    Also, thank you for announcing the p2p conference. I’ll check that out and good luck with the new property!

  3. I also see that interest is going down on Mintos, maybe they get so big that the interest rates will go down. I hope that on Envestio everything to stay the same.

  4. Too bad you won’t be able to join the conference. You’d have made a good report from it for all of us who follow your blog, I am sure. But obviously family is more important and I fully agree with that.
    Again, good luck with your new RE investment!

  5. Hi Jørgen
    Thank you for this site and for sharing your experience it´s been inspiring and insightful so far. I like the way your communication sounds natural and the fact that you have the chance to visit the platform owners and share it.

    I recently used some of your links and got the bonus (thanks)

    Its too early for me to jump into conclusions but so far the only bad first impressions i had were these ones:
    Swaper (0 loans = money drag) even with several auto portfolios,
    Envestio (lack of projects, money drag, i got an email with one new project and 20 mins later it was fully funded… they say however that an Auto Invest feature is planned this spring)
    Grupeer (transaction still not added to my account, could be related with the issue you mentioned so i emailed them)

    1. I have no money drag in Swaper, I transfered around 5000 in March to get the 2% bonus, and all of that amount was quickly invested. I mean in couple of days, all my money is allocated now.
      Regarding Envestio, I get email notofication about every project, have to invest quickly, 30-60 minutes and project is done 🙂 but I managed to invest in every project which was launched in March 🙂
      I did several transfers to Grupeer, of course using new proper bank account, it takes 2-3 days to get the funds accounted.

  6. Fascinating report as always, thanks for sharing Jørgen, it is always a pleasure to have a look at your numbers and your insight! 🙂

    Any thoughts on Robo.cash moving to Croatia?

    Thanks & Looking forward to your visit to Kuetzal!

    1. I think it’s only natural that businesses choose to have their business in the country where they have the best conditions for success. If Croatia is the best place for Robo.cash I’m all for it. I love Croatia, I’ve spent several summerholidays in that Croatia 🙂

  7. Excellent review, Jorgen. as always, keep it up! I think that although controversial, the removal of blog income is the right choice so we can focus in the main topic, investments!!

  8. As usual you’ve put together a really detailed portfolio update for the month.
    You are doing people a great service by investing on so many platforms and sharing your experience – P2P goes for advice not just lending!

    It’s no wonder why your audience is large and keeps growing!

    Always fascinating stuff that you post and I don’t know how you managee to pack everything in!

    1. I’m trying my best to be of service Genteleman, just like you. I’m equally fascinated by the sheer number of blog posts you’re able to pump put every week!

  9. Hi Jørgen,

    Congrats on (almost) landing Property #2! I’ve got Property #1 in the making this month! (hopefully).

    I’ve been on Bulkestate for about 6 months now. I’m glad you’re taking an interest in them, but honestly for me it’s been a pretty un-eventful 6 months. Also, compared to the amount of info that crowedestate and crowdestor release on their projects, Bulkestate is really lacking in this area (very little info on the projects)! Also, I hate that they don’t do monthly (or at least) quarterly interest payments. I don’t see, why they wouldn’t be able to, as I assume they receive monthly payments from their borrowers 😉

    Anyway, I’m sad to see that you’ve removed your blog income stats from the update. I understand why you did it, but in my opinion you’re removing some transparancy by doing so. We now know that you have a massive (affiliate) income stream coming in “behind the scenes” every month. I assume this income will be used towards your goal of becoming FI – so why keep your readers in the “dark” about it? 🙂
    I know you’re all about transparency, so I think removing it is a mistake – and you know I’ve also knocked you, for not disclosing where the majority of the income is coming from, which I assume is from the Envestio bonus program 😉 (but these are merely speculations I guess, since you won’t tell us 😛 )

    Looking forward to reading more about Property #2!

    1. Thanks for sharing your experience with Bulkestate Nick. I’m used to boring after having invested in real estate projects at Crowdestate. 2 years has gone by on some of the projects and I still have 2 years to go before I see any profits on those. Bulkestate is only 12 months, that’s easier to deal with. If I manage to invest in a project each month, then after a year I’ll be able to report monthly earnings as well 🙂 Bulkestate do not receive monthly payments, they spend the money raised to buy, enhance/renovate and sell the property at a higher price. Hence there’s no way to pay monthly interest to the investors.

      I elaborated further on my reasoning behind removing the blog income in my response to Ricardo Torre below.

  10. Sad to see the affiliate blog income being removed, but i understand the decision.

    Can you maybe go more into thoughts about your rental business, what to buy and why. What you are looking for in rental properties and such?

    1. Hi John,

      – Main criteria is location. It needs to be in an area where I’m sure it’s easy to find tenants. I also prefer properties within a 30 minutes drive from where I live.

      – Second, how much rent it generates compared to the price of the property. I’m aiming for properties where I can get 1% of the property price paid back in rent every month.

      – Third, how much maintenance I can expect. Lower is better of course.

      That’s pretty much it.

  11. Thanks, Jørgen, for your fascinating update. I was interested to read that you thought that Crowdestor was the only real competitor to Envestio. I am actually preferring Crowdestor now as I find Envestio frustrating. I have missed several investment opportunities on Envestio by not being in front of my computer when a new project is announced by e-mail. I am also impressed by the Buyback Fund recently added to Crowdestor and the Loan Agreement that is generated for each investment made. The latter is normal for crowdfunding platforms, but Envestio is still not producing them in spite of there being a place-holder on the site for them and them informing me months ago that they were going to produce them in the future.

    I think that Kuetzal is also a competitor to Envestio. I started investing with them in January and have had no problems receiving interest payments on time. I do find some aspects of the site strange, though. My comments can give you ideas of questions to ask when you visit them.

    Firstly, the account-holder’s part of the site (after you have logged in) looks very similar to Envestio’s site. They are both based in Estonia, so I wonder if there is a connection between them.

    Secondly, there is no date given for the investment deadline for each project. When you invest, interest is paid monthly on the same date as your investment, so the timeframe to invest seems to be open-ended. This begs the question, when does the borrower receive the funds? How can the borrower be paying you interest if the project is not yet funded? They say that Kuetzal Care will complete the funding if the investors do not – but when?

    Thirdly, they do not produce Loan Agreements for each investment yet, but, like Envestio, say they will in the future. I would have thought that this should be a priority for both platforms to get right at the beginning of operations as it sets out the legal agreement between investor, borrower and platform.

    Fourthly, their Terms and Conditions contain phrases which appear to have nothing to do with the business e.g., “We … in no event shall be liable to You … for Your failure to understand the nature of cryptocurrencies, its derivatives or the market for such currencies and its derivatives.”

    Kuetzal has recently added a referral program which is, again, very similar to Envestio’s. The new investor gets 0.5% cashback on investments made for the first 180 days (it’s 270 days on Envestio) while the existing investor gets 2.5% (like Envestio). In case you have not actually opened an account with them yet, here is my referral link:

    (Link removed – It’s against Kuetzal’s “Refer a Friend” policy to post referral links in forums, blog comments, etc.)

    Keep up the good work!!

  12. Are you considering getting into ETFMatic platform? that is actually not P2P lending/investing platform, it invests into stock ETFs, but it is nicely automatised, you just fund your account, and money is automatically allocated to ETFs. Actually at the registration, you fill kind of questionnaire, what are your investing preferences, risk preferences, etc, then basing on that, portfolio of ETFs is selected for you. There are nice features like risk gliding etc. Portfolio is managed by the platform owners, when there are changes on the market, they update the portfolio for you.
    I started in beginning of January, and so far got 7.25% growth, just in 3 months.

    1. Hi Mateusz,
      I’ve been looking at ETFMatic for a while, but I will not invest with them. For now, I’ll stick to Crowdlending and Real Estate. If I should invest in ETF’s I’d rather invest in a global low cost index fund.

  13. Nice to see you doing well, i love the updates. Looking forward to your experience with the new platforms. Concerning Envestio, I am fysically in another timezone and can never fund any projects anymore. I might need to put an alarm whenever a mail comes in from them

    1. Yes, it can be problematic to invest so fast when new projects appear. I have a friend who made a special alarm when he receives emails from Envestio and it works for him.

      I know that Envestio would like to offer an Auto-Invest service. Unfortunately, the upcoming regulation draft states that Auto-Invest tools should not be allowed for P2B businesses. So that might put might put a spoke in the wheel.

  14. I feel that the blog is a pivotal way in which you will fund the becoming financially free so it doesn’t make sense in my opinion to exclude it. I kind of see it as a trend that what ever is the biggest part of a bloggers income is hidden away.

    1. It’s so easy to look at it from the outside and think “Now he is hiding information from us”. “Now he is not being transparent anymore”.

      I used to follow some high earning bloggers too, and I have been very disappointed to see them remove their blog income as well. I didn’t understand why!! Now I do understand..

      You’re not the one who has to:

      – Answer several emails daily asking for help to create a profitable blog. (I could just ignore these, but I like to help everyone who reaches out to me.)
      – File several copyright infringement claims every month, because other people have copied your entire site, word for word, only to change referral links to their own.
      – Convince your affiliate partners, that you did not create those copycat sites and violate the affiliate rules by creating Google Adwords that uses branded keywords. (Yes, some of these sites even forget to change my affiliate links to their own!)
      – Try to convince poor minded individuals, that the way I blog now is not any different than when the blog earned no money at all: My opinion cannot be bought and I will only write about investments that I truly want to invest in myself! Nothing is sponsored, bought or written just for the sake of earning more money. The bigger my earnings get, the more people won’t believe this. I think it says more about them and what they would do if they had a popular blog, but it’s exhausting to keep defending my core values.

      I’d love to keep sharing everything! But as long as these issues keep getting bigger day by day, there’s just no way that I will keep adding wood to the fire.
      I don’t like to spend my precious time on things that doesn’t add value. If people don’t value what I DO share, I would encourage them to follow another blog.

    2. I disagree, he could just add blog income to his regular income statistics, but should not focus on it too much.

  15. That’s a shame with Bondora. They should focus on recovery of their bad debts instead of spamming our Youtube. It seems every other video I watch there is a Bondora ad!

  16. It’s ok to enjoy a good income :). 900 for a blender, why not if it makes you happy, right? Besides, if you’re still saving 50% of your income, then surely it’s worth it.

    Wow, rental market is pretty awesome where you live if that’s what you get net!

    Having such a wide portfolio must take time. This must take like a full day to do an update. I’m struggling with a much smaller portfolio.

    1. I prefer to buy high quality stuff in the rare event where I treat myself with something.

      The rental market in Denmark is not much different than the rest of Europe. You have to get out of the big cities and scout for a long time to get the right deal.

      It does take an immense amount of time to update the site every month. I might be slow, but I can’t do it in a day anymore.

  17. Do you account for taxes when showing your income? Given that you live in one of higher taxed countries in EU, would you mind sharing what’s the percentage of your capital gains are taxed?

    1. All earnings are before taxes. Taxes on capital gains is up to 60% in Denmark for people in the highest tax bracket (doesn’t get much to get into that bracket)

      1. Have you considered moving to a less expensive country? Given that your blog is starting to generate revenue, with your current portfolio earnings, you technically could live off it in Lithuania for example.

          1. Hi Jørgen, except the good weather, beaches, wine, lower tax, still being under EU legislation and lower daily expenses. Why Portugal if I may ask?

          2. Hi Janis. If you add cheaper houses and cheaper cars to your list, those are pretty much the reasons why I look at Portugal.

  18. Hey Jorgen,

    I still don’t get it. How do you manage to get so high XIRR with your first property?
    Over the years I’ve seen 10-15% XIRR, but over 20 or even 30 is just unimaginable.

    1. I calculate XIRR from the downpayment + expenses to buy to property. If the net rental income is high enough, compared to what you had to pay for the property, the XIRR will be high.

    1. The exclusive bonus to investors who are going to invest during the campaign period (from 4 April 2019 to 31 May 2019) will be paid in a form of cash back at the beginning of each month. I.e. Bonus for April will be paid at the beginning of May. 

  19. Hope you don’t mind me asking, but what kind of mortgage are you planning to get for your rental property? Is this a personal mortgage or a special kind of mortgage? Since 20% down payment is pretty low and really interesting 🙂

    1. It’s a regular personal mortgage. I can select between fixed or variable interest rate. 20% down payment is normal

  20. Hi Jørgen,
    I do enjoy coming to you blog and staying up to date with your journey. Your returns always look pretty solid.

    I support you not showing blog income as I also believe it to be distracting. In my blog I have gone further and chosen not to show returns from my investments at all (personal choice). This is probably not so great for visitors as people enjoy seeing numbers. Its much easier for someone to see themselves in a position of earning 1,000€ a month compared to earning a 2% monthly return.

    I am interested to know if you did have to file copyright infringements? That’s crazy (but a sign that you are doing something right?). Hope that doesn’t continue in the long run.

    I had a quick look into BulkEstate the other day and will be looking forward to your piece on them.

    1. There’s several thousand Crowdlending platforms in China (3.500 platforms at it’s peak in 2015). Just like any other sector, there’s a number of businesses that won’t make it. Some because of fraud and others due to poor business management. The same happens to businesses that are introduced to the stock market, only to be pumped and dumped. As a regular investor is impossible to know everything, it’s a calculated risk we take. That’s why diversification between platfoms, sectors and asset classes is key.

  21. Hello Jorgen,
    I’ve truly enjoyed following your updates for several months now! Excellent source of information and inspiration.
    Glad to hear about Bulkestate. I started investing with them over a year ago, which means that only recently I started seeing the first returns. My only “problem” with them was the low flow of new projects, so it’s great to hear they are planning to expand. On top of that, excellent returns and so far 0% defaults, so I’d definitely recommend it.
    Also, I actually started investing in Kuetzal just 2 weeks ago, so looking forward your report after your visit. It looks promising so far.
    As for Swaper, I must say I’m really happy with the performance, particularly since they fixed the cash drag issue about a month ago. It’s true though that they’re really quiet in terms of updates. Well…
    Keep up the good work!

  22. Hi Jørgen, I have been trying Kuetzal since January 22nd with just a few hundred euros but I am a bit uneasy with some issues:
    – on the FAQ, in the question about “What are the risk of investing at Kuetzal?”, the say that “Also, Kuetzal Care and Investment Return tools are applied for majority of the projects. These tools can make particular project risk-free.” But I do not see why Kuetzal Care is mentioned here since it is just saying that they start counting interest from the moment one invests (e.g. such as Crowdestor). Also, they mention “Investment Return tools” which is not clear, what are those tools exactly?

    – Another FAQ (“How does the buy-back guarantee work?” describes buyback guarantee in terms that are not clear, giving the impression I can sell my investment before the end of term, which is not true (I cannot do that with my investments that have buyback guarantee); then it says “in the worst case scenario, if project annouces default, Kuetzal guarantees to cover 100% of investment during next 2 months after default is accounced”, which is something else (like Mintos buyback guarantee). If you could be able to get a clear idea about what exactly is buyback it would be great.

    – Assuming buyback is the investor gets the money when some project defaults, I have a hard time investing in projects that do not offer that guarantee. For instance, I would like to invest in Impaya but I am bit worried since it does not have any guarantee or collateral. As such, I asked if it is possible to have the financial statements of the last 4 years of that company so that I can assess it’s credit risk but so far, after 12 days, I did not get any feedback from Kuetzal. The only other time I sent an email was to ask if they supported Skrill deposits (which they don’t) and got a reply in 2 days from Albert Cevers, signed as Kuetzal’s CEO.

    – Also, it seems there an issue with making deposits, I always use “SEB Pank” but read somewhere that “LHV Pank” did not work…if that is true, why they don’t fix it or update the deposit page?

    Many thanks for your work on the blog and good luck with Kuetzal!

    1. Thanks for your contribution to my list of questions Orlando. I’ll be happy to cover them when I visit Kuetzal. Cheers!

  23. Dear Jørgen,

    thank you for another great report. I fully understand your reasons not to publish the blog income anymore even though it was interesting to follow. Keep up the great work.

    By the way, I find it really strange that Robocash moved to Croatia. I live there and it is hardly an entrepreneurial-friendly place. Makes me really curious on the reasons 🙂


  24. Hi Jorgen,

    Just noticed one thing, you wrote: “I will transfer 10.000€ (to get 1% extra) and invest in a project with 17% interest rate” but it looks to get additional 1%, that has to be investment 10.000€ in single investment. So you mean you will invest only in one project, won’t you diversify that in more projects?

    1. You’re right, I will invest the first 10.000€ into one project to get the extra interest bonus. If I want to diversify further, I’ll eventually invest another 10.000€ in another project.

  25. Jorgen, Can you ask bulkestate why they pay intrest and principal back as a bullet payment at end of the term? I prefer Interest payments on a montly basis over anything els. When you visit them later this year

    1. Ronald, I already asked this question. I wanted to know as well, because I also prefer monthly interest payments. It’s because they invest the money in real estate development and don’t get anything back until the property is sold. So paying out monthly interest would not be optimal for them.

  26. Waouu!!
    I like your report with precision.

    For sure, I confirm that for Envestio, we have to be very quick to get the loan.

    Thanks a lot !

  27. Hey Jorgen many thanks for sharing all your personal financial data. I have a general question… don’t you worry that almost all your portfolio is on P2P investments which is currently unregulated market? What happens if some kind of EU legislation comes in the future that could impact the main business of such loan providers?

    1. Hi George. No one knows what happens when regulation kicks in. I assume it will only affect future loans and not those already on the market. I’m not worried, in fact I look forward to it.

  28. Jorgen, bro, where’s the 17% project in Bulkestate you promoted here above? It is already May 1 and nothing similar on Bulkestate so far

    1. Hi Teddy, I’m waiting for it as well. I asked Bulkestate about the 17% project last week and this is the answer I got:

      “There is a slight delay in the paperwork but we are planning to publish it next week or latest the week after. We are also planning to combine the two stages for this project.
      Hence, we have also included some smaller objects in between the big ones.”

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