All Forum Posts by: Chris Fluegge

 Is Story by JP Morgan closing down in September?

Hi all, Chris here with TenantCloud. I realize this is a 1-year old thread, but I just wanted to help clear up any misunderstandings or confusion regarding the TenantCloud features that have been discussed on this thread. 

- There is no need to create multiple TenantCloud accounts to get online payments. A single account is all you need, and you can set up virtually unlimited legal entities and assign virtually unlimited bank accounts to those entities from that single account.

- Tenants do not get charged ACH fees for each invoice when they pay them all at once. They can pay all outstanding invoices with a single payment that will only be charged a single ACH fee. 

- We still offer tenants the option of free ACH payments when they enable automatic Rent Reporting (to the credit bureaus).

- TenantCloud does not process any payments (Stripe does) and is not holding funds or using them to generate interest.

If you have any follow-up questions, please feel free to reach out to our support team. Our team is available via phone, chat, email, or support ticket and is always happy to help.

Was the property built before or after 1974? My general understanding of California rentals is that if the building was built prior to 1974 and has 16 units or greater, an on-site property manager is required. 

If it was built after 1974, no such requirement exists on a statewide level. However, depending on where your rental community is located, local city/county ordinances could have those requirements.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $49,000
Cash invested: $3,000

We purchased 5 acres with no deed restrictions or HOA and continue to build out rentals/lots on the property.

What made you interested in investing in this type of deal?

It was a steal of a deal. The property already had septic, water, and electricity from a home that had been demolished. These improvements alone in the area where the property was located would have been as much as the asking price for just the land itself.

How did you find this deal and how did you negotiate it?

We located it through simple online searches.

How did you finance this deal?

Originally, it was owner-financed.

What was the outcome?

A cash-flowing property with near-zero debt.

Hey everyone! 👋

Chris from TenantCloud here. I noticed that this thread is still active, and I wanted to hop in and clear up a few things about our platform. I know there's been some confusion, so I'm here to set the record straight. 😊

TenantCloud has been around for over a decade now, so we've definitely outgrown the "startup" label. We've grown into a robust platform that rivals the likes of Buildium, but our sweet spot is working with property managers and landlords who have up to 150 units under their wing. 🏡 But we've also built a ton of tools over the years (and continue to do so) that allow PMs to scale their business, so a lot of people tend to grow with TenantCloud, and as a result, we have a ton of users with well over 150 units, too.

In terms of accounting, we've got everything you need to keep your books in order. It's a full-blown accounting system that allows you to not just receive rent but also pay service providers, send owner distributions, receive owner contributions, set reserves, and refund payments online (even Buildium doesn't allow for this, and unless it's changed recently, I don't think DoorLoop does either), and a whole lot more.

And for all of the QuickBooks Online fans, yes — we integrate with them too. Accountants especially tend to still love Quickbooks Online, so we built the integration several years ago per the request of our users. In fact, you can even set your accountants up with temporary team member accounts (and set their permissions accordingly) so they can help you manage your tax filings each year.

I know there's a lot of info out there, and it can be tough to separate fact from fiction, so I wanted to reach out and give you the scoop straight from the source. If you've got any other questions about TenantCloud, feel free to ask - I'm always happy to help! 🙌