Portfolio update November 2019

Portfolio update May 2019 : P2P investments Envestio Bulkestate Reinvest24 Viventor FastInvest Swaper Robo.cash Twino Mintos Bondora Crowdestor Crowdestate Grupeer Kuetzal PeerBerry Wisefund reviews

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Aaaalright financial freedom seekers from all over the world. Here we are back again with a new Portfolio Update for November 2019.

Airplane tickets are bought…
Our apartment contract has been terminated…
We will move from Denmark to Portugal on February 15th!

Reality is coming closer. Could you imagine leaving everything behind, except for your closest family and whatever you could fit into your suitcase?

I was just about to write some more thoughts about this subject, when I realized something… Why not make an entire post series called “Moving to another country to FIRE earlier”? It could be an interesting read.

I think I will do that and focus on MONEY in the portfolio updates.

Here’s what my investments brought in while I was busy sleeping.

Monthly Income Statement: November 2019

Crowdlending Income XIRR Value
Bondora -424.81€ 4.77% 17 566€
Bulkestate 773.15€ 16.07% 10 873€
Crowdestate 11.80€ 6.45% 6 836€
Crowdestor 705.27€ 14.98% 79 324€
Envestio 447.73€ 20.79% 29 611€
FastInvest 55.66€ 16.51% 5 168€
Grupeer 240.62€ 15.02% 23 021€
Kuetzal 439.85€ 24.18% 27 231€
Mintos 209.04€ 16.50% 23 553€
PeerBerry 60.56€ 11.53% 5 640€
ReInvest24 2.00€ -2.13% 988€
Robocash 155.25€ 13.01% 12 018€
Swaper 118.08€ 14.37% 13 038€
Viventor 42.40€ 9.91% 5 159€
Wisefund 494.64€ 25.35% 31 176€
3 331.24€ 11.46% 291 208€
Real Estate Income Equity
Property #1 691€ 40 436€
Property #2 1 162€ 59 947€
1 853€ 100 383€
Total 5 184.24€ 391 592€

That means I’m 172.81% Financially Free (up 35.67% from last month).

My second goal of 7 000€ per month reached 74.06% (up 15.29% from last month).

Portfolio performance: Historical view

Income from Crowdlending & Real Estate combined was 5 184.24€.
(1 070.24€ more than last month).

Income from investments graph November 2019

“Crowdlending (except Bondora)” reached 3 756.05€.
(984.79 more than last month).

Crowdlending income graph


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 🙂

Bondora income graph

119.13€ was recovered in November but I still have 25 663€ in defaulted loans.

Bondora cash flow from recoveries November 2019

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


I saw my first repayment from Bulkestate in November.

773.15€ of interest earned from the project I invested in on 17.05.2019. The project repaid early, it was scheduled for repayment on 17.03.2020.

Bulkestate income graph

I was quite surprised to see so much money idle on my account when I logged in. They had not sent any emails about the early repayment – there’s still room for service improvement.

The first project with monthly interest repayments was published and funded in November. I was hoping it would be the new norm but the next project was a traditional bullet type loan.

Bulkestate monthly payment project

Now I’m debating whether to reinvest into new Bulkestate projects or to transfer the money to Wisefund instead. I’ll decide after seeing the next project released.

See more info and screenshot from my Bulkestate account


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

Crowdestate income graph

A project I had invested 2 100€ in, Lepa tee 1, 74201 Loo defaulted (potential fraud).

Investors received an email from Crowdestate which, among other things, contained this text:

According to the land register, the owner and manager of Loo Kodud OÜ has transferred the main assets of the company (the development property) to his business partner, and as a result of this transaction, Loo Kodud OÜ has has become an assetless shell.

This situation does not leave us any other alternatives than to start the bankruptcy proceedings of Loo Kodud OÜ.

Lepa tee 1 was my biggest single investment in Crowdestate. In hindsight, it might not have been my best decision to invest in it – it had the highest risk of all projects when it was published.

Crowdestate Lepa tee 1 default risk

See more info and screenshot from my Crowdestate account


Crowdestor is my favorite platform at the moment. They offer high interest rates, amazing performance (all loans have been paid on time) and a great variety of projects.

Crowdestor income graph

One of the best things about Crowdestor is that they actually listen. I have made several suggestions to improve the site eg. the “Upcoming payments” graph and list. Most of the things I have suggested have been implemented!

Crowdestor upcoming payments

I recently invested 20 000€ in the “Consumer loan portfolio acquisition” which came with 24% interest rate, monthly principal and interest repayments and a low LTV (loan to value) of 35%.

It’s my biggest investment in a single project to date.

Crowdestor consumer loan portfolio acquisition

See more info and screenshot from my Crowdestor account


On December 2nd, Envestio was acquired by a strategic investor from Germany, Mr. Arkadi Ganzin  .

Mr. Eduard Ritsmann  , an experienced sales person, who has more than 20 years long outstanding track record in international sales and project leadership, is joining Envestio team as the new COO and Development Director.

I’ll try to see if I can meet them when I visit Riga from December 16th to 18th.

Envestio income graph

I’ve been talking with the former COO, Eugene Kukin  today. I wanted to hear more about the acquisition, his role going forward and if any of the existing conditions would be changed. This is his reply:

“The acquisition is the logical step forward in development of the company.

I managed it during the startup period with my team, however, in order to grow further the company needed fresh blood and new opportunities. Soon there will be new possibilities to invest in bigger European ventures.

The new position will allow me to concentrate more on strategic matters, while new guys will deal with maintaining and developing everyday operations and sourcing new projects. The strategy of Envestio must remain stable within the next few years, it was one of the key points of the deal.

No changes of existing conditions must take place, there will be an official announcement regarding this. Everything is fixed for at least 1 year.

Also the new COO will be a more public guy. A number of conferences and special blogger events are being planned for the next year already.”

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


FastInvest added a new loan originator again. This time it’s “eCommerce 2020” from Denmark.

Now I just need the names of the rest and I’m ready to put more money into FastInvest.

FastInvest income graph

See more info and screenshot from my FastInvest account


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

Grupeer income graph

They have a “Cyber-Monday” cashback campaign running from December 2nd – 8th.

There’s still plenty of cashback loans available, here’s a small preview:

Grupeer cashback loans

See more info and screenshot from my Grupeer account


Compounding starts to show on Kuetzal already. I earned 13.93€ more than last month.


Kuetzal switched CEO on November 26th from Alberts Čevers   to Maksims Reutovs  

It came as a surprise to me so I reached out to Alberts immediately to hear what happened.

It turned out, Alberts received a very attractive offer from a big holding company that he couldn’t resist. He had been negotiating for a pretty long time and they finally reached an agreement. He will still be in touch with Kuetzal and is always available if anything comes up.

Kuetzal also updated their terms and conditions recently. This has caused a lot of confusion in forums and Facebook groups. Many of the points could easily be misunderstood because of the way it’s written. And if you don’t agree to the new conditions there’s no way to decline.

I hope to be able to meet and discuss this with Maksims when I’m in Riga from December 16th to 18th. According to Alberts, Maksims a trusted and a very ambitious person. I’d love to hear his explanation of the new terms and conditions.

If you want to give Kuetzal a go you can use the promo code FINANCIALLYFREE to get a 15€ gift, instantly credited to your account.


The biggest Baltic P2P platform Mintos keeps growing and reached a new milestone of 4 billion EUR funded.

Mintos income graph

Because of the huge inflow of investors, Mintos decided to lower the cash back bonus for new investors from 1.0% to 0.5% from November 18th.

So, if you sign up with Mintos through my (or any other) referral link, you’ll now 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


I use PeerBerry for my children’s savings account. They received their third interest payment in November.

PeerBerry income graph

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 the account.

There’s plenty of short-term loans available at 11.5%.

See more info and screenshot from my PeerBerry account


2 out of 3 projects I invested in on ReInvest24 are now paying dividends.

ReInvest24 income graph

I hope ReInvest24 will turn out to be an amazing platform but somehow I feel like they keep disappointing.

One of the projects I invested in was supposed to pay back on November 30th. They even put the date into the description:

ReInvest24 delayed project

Today is December 3rd and I’ve not heard a word. No email, no repayment… nothing.

Come on Tanel   I know you can do better 🙂 I don’t mind a small delay but I do expect to get notified.

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

See more info and screenshot from my ReInvest24 account


I’ve now earned 2 000€ interest on Robocash .

Robocash income graph

My last “installment” loan was repaid last month. Now I only have short-term loans in my portfolio. This means, that from next month, returns should stabilize around 125€ per month.

See more info and screenshot from my Robocash account


I have earned 3 000€ since I started on Swaper in 2017.

I typically have 2 000€ idle waiting to be invested. If this cash drag stopped, I’d be happy to invest a lot more in Swaper.

Swaper income graph

See more info and screenshot from my Swaper account


I’m still testing out Viventor to see whether it’s a platform I like to keep in the long run.

Viventor income graph

Not a single repayment from the troubled loan originator “Aforti” in November. No news either. Not a good sign.

See more info and screenshot from my Viventor account


Almost 500€ earned on Wisefund in November.

Wisefund income graph

The main purpose of my trip to Riga from December 16th to 18th is to interview Wisefund. I think it’s the most interesting new platform around and I’d love to show you why.

Lately, I have been thinking how I can give my readers more value. How I can give more insights, how you can experience what I experience when I visit these platforms.

So I will try to take this Wisefund interview to the next level. I hope it’ll be amazing. Stay tuned!

By the way! Many of you are wondering when you can deposit again! Wisefund is in the final test phase and the automated deposit system will be ready this week. It’ll be well worth the wait, deposits will be processed faster and several projects in pipeline are ready to be released.

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.

Income from rental properties

Remember the buzzing sound from the gas furnace I mentioned last month? It turned out that the furnace was dying. A couple of days later it stopped working completely and I had to replace it with a new one.

-4 496€ later the tenants are no longer freezing and the new furnace is up and running.

While my wallet was open anyway, I decided to replace a rotten bathroom windows as well. I knew, from the home inspection made before I bought the property, that the window had to be changed eventually. So I decided to do it now.

-2 597€ later the windows were changed, 2 new air vents were built into the living- and bedroom, 4 old windows had their rubber strips changed and a front door had it’s lock and handle changed.

I didn’t do any of the work myself, I hired professional craftsmen to do it.

New bathroom windows in rental property

Those expenses brought the budget for the second property into -4 279€ for 2019 and there’s still a few things I’d like to have fixed before I move.

Hopefully 2020 will be gentle to me.

See more info about my First property and Second property

Savings rate

My savings rate for November was 71.35%.

Personal savings rate November 2019

Even though I’m still being on paternity leave, I’m now back to regular income from my old IT-job for 3 months (November, December and January).

From 31.01.2020 I’m 100% relying on myself to generate enough income for our family. The math says we should be fine but it’s still a bit scary to think about it. I’ve always been dependent on salary from a job.

See more info about my Savings rate

Blog statistics

Wordpress blog statistics November 2019

Visitors: 12 385 (+10.32% compared to last month)
Page views: 49 411 (+12.53% compared to last month)

2 437 Subscribers (+169 compared to last month)
1 177 Facebook followers (+112 compared to last month)

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Free international transfers

Do you know you can use Revolut for very fast international transfers and zero fees? It’s probably the cheapest and fastest method to deposit to your crowdlending investments.

That’s it for this month!

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P.s. When you comment, please use your first name or your full name. Blog names are not accepted and will be renamed to Anonymous.

72 Replies to “Portfolio update November 2019”

  1. Oooh your monthly savings will skyrocket when you get here (to Portugal)!! xD

    1. It’ll be interesting to compare expenses in Portugal with my current expenses in Denmark. I think my current expenses are reasonable. My girlfriend currently pays for half of our expenses. In Portugal I will pay for everything.

  2. Are you going to mention problematic loan on Crowdestor and your thought about that?:)

  3. Great, the new update has arrived just in time for this morning commuting, thanks Jørgen 🙂

  4. Pity about CrowdEstate. I’m also expecting my first default anytime soon. Although I never invest such a big amount in a single project, no matter how juicy they look.
    Also looking forward to your Wisefund visit. I also started with them very recently and I’m very happy so far.
    How about Kuetzal’s absolute lack of new projects in November? Any insights of that.
    And good luck with your new life in Portugal!

    1. Not sure why Kuetzal didn’t publish any projects in November. Maybe they were busy with the CEO switch? There’s 2 new projects coming up now and there’s more in pipeline.

  5. Hi Jørgen,

    Thanks for your review again. I have a few questions for you:
    1. Are your net income and expenses based on your full family (5 people)?
    2. I assume that your average monthly expense of 1938 € (in 2019) for a family of 5 is extraordinary for Denmark (your graphs show even 1000-1500 € for most months). How do you achieve that? Do you have a mortgage? Car lease? What are the biggest expenses for your family? Where do you save the most?

    Thanks in advance

    1. Hi Jaan,

      1. Net income is my income, not including my girlfriends income. Expenses are my share of our expenses (5 people). My girlfriend pays her share. It’s close to 50/50.
      2. Yes, it’s my share of our total expenses for a family of 5. We don’t have a mortgage, we rent an apartment. No car lease, we bought our cheap cars with cash. Our biggest expense by far is the rent we pay for our apartment. I’m not sure where I save the most, I rarely spend money on anything else than rent, food, insurance and gasoline. My employer pays for cell phone usage and internet.

  6. I’m also invested in this Reinvest24 project, but I even didn’t notice that it’s overdue.

    Thanks again for your motivational and inspirational portfolio update!
    Hope your move to Portugal will be as smooth as possible! 😉

  7. Hi Jørgen
    Congrats on the good progress, it’s always exciting to read these posts. I would be interested in a little series about moving to Portugal that you mentioned in the beginning, I’m sure it will be valuable to all readers if you can find the time for it, of course. Thanks for the post 🙂

  8. Awesome to see your progress Jørgen. Really inspirational. Quick question: you seem to invest way more than you are saving from looking at your savings rate. For example the €20k you invested recently into Crowdestor. Do you have other income sources or am I reading this the wrong way?

    1. Hi Steven,
      I’m happy to hear you’re inspired. My investments are a mix of private reserves and extra income.

  9. Hello, Jorgen.

    A considerable depot.

    Where did the high monthly investments come from? Are these private reserves or extra income?

    Greetings Felix.

  10. Hi Jørgen,

    Congratulations and all the best in Portugal!

    Just 2 simple questions, please:

    1. Have you been reinvesting all your income from Crowdlending until now that you quite your job? And real state?
    2. Do the platforms (or the banks) charge you anything for withdrawals?


    1. Thank you Leandro,

      1. Yes, I’m always reinvesting to make the most of the compounding effect.
      2. My bank has charged me 3€ for each transaction. However, I’m switching to a new bank now which doesn’t charge a fee for transactions. The platforms do not charge for withdrawals above 10€.

  11. The post series called “Moving to another country to FIRE earlier” is a great idea!! I am looking forward to read it 🙂 Congratulations on your big move, and thanks for the suggestions to Crowdestor; the upcoming payments graph and list are both very useful, I wish more platforms would have that.

  12. Hello Jorgen

    Thanks for your blog. I myself live in Riga and for the long time I have thought that Latvia (and Baltics in general) are quite poor countries compared to the Western Europe. However now because of your blog I see that the majority of platforms are from Baltics and big part of it is in Latvia, Riga.
    How do you think what is the reason for that ? Can it be that we are just starting to become closer to developed Europe and therefore there are a lot of projects to grow on to ? Also, a bit worrying what will happen in 5 years, when majority of projects in Baltics will be finished. As I see not so many projects are in the rest of Europe.
    But anyway, thanks for your job, I have now invested my first 9000 EUR in several platforms after reading your blog. Hope to become financially independent as you in a 4-5 years.
    BTW, I’m an IT guy as well, but currently I still love my job 🙂

    1. Hi Dmitry,
      There’s many platforms in Riga because they have favorable conditions/regulation for companies who want to start up a crowdlending platform. As you say, there’s also a big need for renovation of real estate and business loans. Many things can happen in 5 years, it’s hard to predict what will happen. There’s always a need for business funding so I’m not worried about that. Interest rates might be lower at that time, that’s why I’m investing heavily now while the rates are high. Good luck with your investments, I hope you’ll reach FI soon 🙂

  13. I’ve been following your blog and I can just congratulate you. It’s really motivating. As a Portuguese I come out of the country to try to come back in the same situation as you are moving there now. Wishing you all the best. If you ever want to spend a weekend by the caparica beaches let me know, happy to have you as my guest 🙂

  14. Hi Jorgen

    I thought you may be interested in the following update regarding Reinvest24 project:

    “we are working on selling it on an open market. 30.11 was estimated repayment date for this projects, as it is very hard to give exact date when the property will be sold. The apartment is fully finished since the end of August and we started with the selling process in the beginning of September. You can see a video update of this property from here: https://www.youtube.com/watch?v=1znj-j9nk5c

    We have more than one interested buyer for that apartment, so it shouldn’t take long to finalize the deal. You will keep earning the interest rates until the property is sold and the repayments are conducted.

    Thank you for understanding and your patience.”

    1. Thanks, I received the same explanation a few hours ago. If the repayment date is estimated and not exact, they should write that in the title… Everything else leads to confusion.

  15. Jørgen, I love your blog and it was the main reason, that I started investing in P2P 🙂

    But regarding your cashflow, have you taken into account, that you will not be withdrawing net profits from your P2P investments while retired in Portugal? Or do you plan to do that (therefore no compound interest)?

    1. Hi Jure. What do you mean “you will not be withdrawing net profits”? P2P income is capital income earned abroad, which is tax free for 10 years for people who have the NHR status. That aside, I hope we can keep expenses low enough so we don’t need to withdraw from my investments. There’s many ways to earn money online, which we’ll have time to pursue now that we’re not tied down to a day-job.

      1. That was my point, you are not planning to withdraw any funds from P2P and still manage to get through the month? If there are additional revenue streams (your real estate income), than this makes sense, otherwise it doesn’t 🙂

        1. Additionaly, I found an 34k increase in your portfolio in December, (from 257k to 291k). I suspect that there were some other revenue streams, that enabled such growth?

        2. 5k is plenty to cover our expenses in Portugal. I just need to make sure we spend less than I earn so I can keep reinvesting. Otherwise, I’d never reach my 2nd or 3rd goal.

  16. That potential loss of 25 000€ is what keeps me wary of Crowdlending and whether the expected value is actually positive (risk * return). I have invested in crowdlending but it feels like walking on eggshells. That we can be *years* with no incidents, and suddenly, just 2 platforms having serious issues brings the whole investment in crowdlending down to “not worth it”.

    If I would lose 25k€, even earning 3000€/month it takes 8 months to recuperate it. Then only after those 8 months is it actually profitable compared to just having the money sitting on the bank. And then there is always the possibility of another(s) LO(s) defaulting. And it becomes a catch up game. Getting returns to cover up the losses. Even if we would be 2 years with no defaults, all it would take would be the loss of 50 000€ (just 2 platforms having issues like bondora) to make those 2 years wasted. Am I missing something?

    1. You’re describing the core of investing, the principle is the same whether you invest in stocks, bonds, crypto or if you’re an angel investor. There’s always risk and losses, the key is to make more profits than losses. Even Bondora, which isn’t great by any means, I have not lost the 26k I put in, I have withdrawn 17k already and have close to another 2k in cash just waiting to be withdrawn. And more will be recovered eventually. It’s unlikely that any 25k investment will just disappear, unless you invested it in a single project or if a loan originator or platform goes bust. Diversification will smooth out the ride. Investing in any assets will always give you profits in the end, if done right.

  17. Hi Jørgen, I’ve been following your blog for a year now and did some investments myself. What are your predictions for the next year? Do you think that this can crash as the stockmarket sometimes, or do you think it will continue but maybe less %?

    Keep up the good work and enjoy your move to Portugal!

    Kind regards,

    1. Hi Steven, I thought your name is Ken? 🙂

      I usually don’t want to predict – none of us have a crystal ball. However, I’m working on a post with my thoughts on the topic. This way I hope to get less emails to answer, I get this question a lot.

  18. Hi Jørgen, nice that you remember my email address! Ever since I rebranded my website to Investor’s Mindset I’ve mostly stopped using that email.
    The comment was of my colleague, who follows your blog through me. I wanted him to post himself 🙂
    Good answer – I pretty much wouldn’t feel comfortable answering it myself. Looking forward to your post with your thoughts about it.

    Have a great weekend!


  19. Regarding Kuetzal, I have quite negative experience. First of all they announced Maksim as new CEO – super young guy with populist goals (as stated in email). Is this person gonna lead the platform managing milions of euros?
    I don’t know man, its my money… – BUT, I said okay, let’s not judge people here, let’s move on.

    The problem was with portfolio – I found out that actually you don’t have any info about the project you invested in at all (all info is gone, once project is funded). Have you noticed? Weird?

    And because I was unable to find any info about the project actually happening (“Green Dev – Pyrolysis and Distillation systems”) – only empty website waiting for WordPress instalation.. So I contacted Kuetzal asking for project info since I am starting to be worried if this is scam because there is no researchable info online. Plus I asked them few questions like about their criteria for raising money on Kuetzal – they say that they review company’s application including: Website quality, Brand identity, Financial health. So how that was performed.

    Gents, the answer that I got was simple 2 page document describing what Pyrolysis is and how cool this area in Serbia is. No info about company or a project. Also they chose not to answer any of my questions.

    So, I asked them to give me my money back (buy back). They did that and kept 10%.

    I was my first small investment (5k eur), to try this platform, but it doesnt show any trust.

    Sure, maybe if I would leave it, Kueztal would manage to keep the wheels spinning and eventually I would get everything as promised including interest. But I don’t want to be part of this pyramid scheme. I’ll rather take this 500e loss and go somewhere else.

    The lack of care for customer, while I was mailing them saying that this doesn’t create much trust, was shocking.

    1. Hi Richard,

      I understand your frustrations but I don’t agree with you here, so you’re probably not going to like my reply.

      Maksims is almost the same age as the former CEO Alberts, who did a great job. If age was a concern, I wonder you invested in the first place?

      Kuetzal removes the project description when the project is funded, just like Envestio does. Maybe they do this because the websites are not able to only show the info to people who invested in the project yet? The information is always available if you contact them, just like you did. The information they sent you on email is similar to the information presented when you invested. I agree that the project descriptons could much more detailed. But again, why did you invest in the first place if the projects description didn’t live up to your expectations?

      To me, it sounds like you rushed into an investment without doing any due dilligence and later regret your decision. Kuetzal gave the money back according to the buyback agreement and you’re able to move on.

      The project you invested in has buyback so if you had waited it out, you’d have your money back including interest. Calling it a pyramid scheme due to your own mistakes is just immature.

      Customer service could be beter, yes. Website could be better, yes. However, Kuetzal is a young company and they do make improvements as they grow AND they have lived up to all their promises.

      1. Hi Jørgen,
        thanks for reply!
        Re Maksims – like I said (maybe I sounded too explicit, appologies), let’s not judge and who am I to do so. Fine.

        Re description – for example in Crowdestor you have all documents downloadable in your portfolio. Why to hide them. And they are quite of incomparable quality as opposed to one that I’ve received from Kuetzal. I don’t invest in bigger range of portfolios so I don’t have overview like you.

        Re investment itself – but of course I am the one who didn’t do proper research and didn’t act as conscious investor. That’s clear, I wouldn’t want to make myself a poor puppy here 🙂

        But can you, as a platform, just put whatever on your website? I suppose, when you’re collecting 1.1M eur for project, you request to submit at least… website? Why they got completely silent on this very basic question? Or other of my questions. Did they just manage to collect all this money while having this one document (with no relevant info) in their hands?
        Maybe they have more info – in this case this is not transparent for me enough, therefore I am stepping out.
        And if they don’t have more info – then I think I am gonna call this a pyramid.

        I also told them that this doesn’t create much trust so I will withdraw – the answer was: FYI there is 10% penalty, wish to proceed? – No care 🙂

        So screw the penalty, but this is not style of communication that creates much trust, especially when I am deciding where to pour some more serious money. And with investors.. I think communication plays biggest role.


        1. As far as I know, there’s no requirement to the amount of information that should be available, maybe besides company name and registration number.
          They remove the description because the borrower is not interested in sharing sensible information available for competitors etc. This is why the information is only visible to the people who invest in a project. I’d much prefer it to be available automatically, like on Crowdestor, Crowdestate, Bulkestate etc. but I guess the website doesn’t have this function yet.

          I think we as investors have gotten accustomed to very high rates and buyback guarantee very quickly. The “early investor advantage” comes with a price: Uncertainty, lack of functionality, maybe poor description etc. If everything was 100% perfect and the platforms had existed for 10 years, we would not see these rates.

          Just like you, I highly value the level of service and support I get. That’s why I always have a direct point of contact with the CEO/COO or Service Manager – I never use the official support if I have questions. I’ve been more than satisfied with the quality of support from Alberts. If you plan to invest serious amounts you can have a dedicated support person connected to you at any platform.

  20. Good evening Jørgen, really enjoying your post, as always! 🙂

    I have a “curious” question, maybe you have answered this in other posts but here it is:

    I saw your Saving Rates which were about 30K in savings per year for ´18 and ´17 (a bit less this year). However, in your Portfolio it says that you have invested about 300K in P2P platforms (which would need about 10 years of saving 30K/yr) plus the real estate properties. Do you have other sources of income to get to be able to invest 300K over the years or what´s the “secret”? I do have similar salary to yours so I would love to hear more about how you got to those numbers 😉

    Keep up the great job and thanks for sharing your posts every month!

    Regards from Spain,

    1. Hi Daniel,
      I’m happy to hear that you enjoy the posts 🙂
      Yes, I have built up other income sources over the past few years. It’s has helped me reach my first goal faster. There’s no secret besides dedicated work.

      1. Hi Jørgen, I imagined you had developed other income sources yeah 🙂 If one day you would like to talk a bit more about them I will be all ears 😀

        Thanks again for the work that you put in!

  21. Hi Jorgen, perhaps you explained it already but I will ask this question anyway: what criteria do you take for % allocation into the several Crowlendings you invest into?

  22. Hi Jorgen,

    Excellent post thanks.

    I wouldn’t create so many expectations about WiseFund. Yes, it’s a good opportunity investment but they don’t take personal guarantees or other kind of collaterals from the project owners. That means we are trusting exclusively in their promise of buyback without the company having legally a way to recover funds. That means it’s very risky, much more than Envestio or Kuetzal.

    I sent them an email about this matter, they said they will introduce collaterals at a later stage and reduce interest rates at the same time.


    1. Hi Guillermo,
      In short, I don’t believe Wisefund is any riskier than Envestio or Kuetzal. I’m meeting Wisefund for the second time on December 16th. You can look forward to my Wisefund interview where I will cover subjects like collateral, buyback guarantee and much more. Stay tuned!

  23. Dear Jorgen. What do you think about Monego and Iute Credit issue in Mintos? Do you have Kosovo loans?

    1. Dear Payesman. It is what it is, problems with loan originators will show up from time to time. That’s why diversification is key. I don’t have any loans from Iute Credit or Monego myself.

  24. Thanks for everything you post, you’re blog is a great inspiration for my journey.

    Be cautious with wisefund though, it’s one month later and they still haven’t fixed their deposit system and they’ve missed their self imposed deadlines several times (including silence since 2nd of December, their last commitment). Wouldn’t want to experience the same with withdrawals so I’m stepping out for the moment.

    I’m also planning to relocate to Portugal / Lisbon area so maybe we can have a coffee when we’re both around 🙂

    Keep it up!

    1. The fact that it has taken Wisefund more time to upgrade the system than planned doesn’t worry me. They have grown a lot faster than they expected. I’m glad they spend the time to get this upgrade in now, before the manuel labour associated with deposits would be a costly affair.

      Which area of Portugal are you planning to relocate to (and why)?

      1. It’s good that they’re working on it but the thought that this might happen the other way around also (for withdrawals) is concerning.

        Regarding Portugal, we’re looking at Lisbon area because we want to enjoy the lifestyle on top of everything. So even if the costs are higher we’d still prefer it than a smaller, isolated city or town.

        What’s your timeframe for moving there?

  25. Another great article Jorgen, thank you so much!

    I am impressed with your passive income growth. In just 6 months you have jumped from 1500 euros to 5100! How did you manage to get a 250% increase in half a year!? Could you elaborate a bit on the reasons behind such a tremendous increase?

    Looking forward to hear about your new live in Portugal 🙂

    1. Thanks Gonzalo. If you go through my investment history and monthly posts for the past 6 months you’ll know why 🙂 I’ve invested heavily and bought the second property which brings in a decent amount. The 5100 includes a 773€ bullet payment from Bulkestate so I’m not past the 5k mark regularly yet.

  26. Hi Jorgen, hope everything will turn out well for you and your family here in Portugal. Happy to help in case you need anything.

  27. Do you have investments in Mintos with Monego? What do you think that will happen?

    1. Not sure what will happen, I don’t have any investments in Monego. Monego is a related party to Mintos according to IAS 24. For the sake of Mintos’ reputation I hope they’ll buyback the loans from investors.

  28. Hi Jorgen,
    Excited for your move to Portugal.
    How will your P2P interest be taxed there? I suspect at a much lower rate than Denmark!
    Asking as I am considering a similar such move with Spain the likely destination.

    All the best

    1. Hi Andrew,
      P2P interest will be taxed with 0% for the first 10 years for people granted the NHR status (non-habitual resident). You can Google NHR Regime Portugal to find more information. After 10 years it’s 28%, compared to 42% in Denmark.

  29. What’s your view on Monethera? I joined them and Kuetzal with way more than I should have. I bailed from Kuetzal after the 850k went to an unknown shell. All payments with Monethera come in on time but the most recent project is a bit weird.

    Bum barty

  30. Jorgen.
    Your blog about this FI topic is one of the best that I have seen.
    Keep up the good work !
    I’ll be coming back to read you often 🙂

  31. First time visitor and now subscriber. Great blog and best of luck with Portugal, one of my favorite countries in Europe due to both people, food, climate and nature.

    It’s interesting to see that you don’t invest in stock markets (?) but of course the P2P returns look healthy enough. And they probably would hold up better in a major economic setback than stocks, as long as the platforms themselves are resilient. Diversification to avoid heavy swings in the stock market is also why I’m pondering going into P2P lending myself instead of allocating all free funds into stocks for retirement savings which is what I have been doing up until now.

    Some initial thoughts I have on strategy, your input would be most appreciated: 1) Avoid platforms that go out of business. Goes without saying but comes at the cost of not getting the very highest returns probably.

    2) I want loans that are resilient in times of economic setback (think “financial crisis 2008” or similar).
    I would think short term personal loans withstand a major economic setback better than business loans. It takes some time for people to lose their jobs and in that case repayments should be relatively safe. Whereas for business loans drawn up to complete a project, the project rationale may be gone as soon as the economic setback is a fact and default probability way higher. Agree?

    3) Given the above, Mintos looks safe and sound. In addition, based on your comments, maybe a mix between Crowdestor, Envestio, Grupeer and Wisefund.
    So for a larger portfolio, maybe 45% Mintos, 15% each in Crowdestor, Envestio, Grupeer and then 10% Wisefund to spice it up a bit. Sounds about right?

    Suggestion for a post that could be useful for many would be an update of how you would allocate your P2P portfolio if you started out today (platforms + rough allocation).
    Side note: it does seem some of your single investments are high compared to total portfolio value, what is your policy on this?

    Keep up the good work.

  32. Wow!

    It’s really amazing your passive income growth.
    Obviously you have developed a great strategy.
    Could you share some tips or advice about that?

    Kind regards,

    1. Not much to share, I just invest on the platforms listed in my portfolio and monthly updates. It’s a risky strategy though, most of the platforms are not regulated.

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