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How to Start a Coin-Operated Laundrylaundry (cl) is a full service coin-op laundry (washing, drying, and folding) service dedicated to consistently providing high customer satisfaction by rendering reliable machines and furnishing a clean, enjoyable atmosphere at a competitive price. forward to follow your blog and read more on how this business goes.’m wondering if we should just add a decent size room to start off just to see how it will do and to build the revenue to completely add the size space my grandmother had.. i really need your advise to be able to move forward with my business plan so i can figure out weather this would be a profitable business. also trying to figure out how much $i need for machines and other equipment like water heaters etc. coin laundries became the ticket to doing just that, and as you’ll see later, we struck gold. things needed washers dryers coin machine or card machine laundry carts detergent vending machines door hangers fliers tips laundry businesses can be expensive to start. might buy now with zero cash return, and a market that stops rising, or declines. so in the grander scheme of things, with our first store bringing in -,000 per month in gross income, 8 is pocket change. if the store is closed will you have to pay for water and sewer hookups again? if you can, i would very much like your recommendations on reliable brands and costs for installation, etc. order washers, dryers, coin machines, laundry carts and detergent vending machines. however, where we are in california, square footage is at a premium and rent is high, so we have a lot of machines considering the size of the space. they overpaid, and thought that asking 25k less than what they paid should do the trick. also once i talked with the landlord he told me that the laundromat was on a month to month and he’s was in the process of kicking him out do to him not keeping up on the business. i’ve done some research on this endeavor and i have a few questions that i believe have not been covered. well how can i find out how much electricity water and gas are cpnsumed by each laundry seasion? facility has 25 washers and 25 dryers of various sizes, some are 2 years old and most are 7 years old. please do continue to share about the business and what you’re doing to bring additional value to the business. we even have a provision in our insurance contract that if the laundry is essentially destroyed, we can decide if we want to rebuild the laundry or to take the cash value and walk. and, this can be doubled, since we now own two locations. he said that if one is good at it, and during good times, you could double the number of stores every seven years. am in the same position as kevin and would be ver interested in your reply to his comment.
A Sample Laundromat Business Plan Template FREEagain, these are just ballpark figures, but building a brand-new store, even a small one will cost at least 0k-300k, and that does not include any real estate. also suggest reaching out to brokers that have several laundry listings and let them know you’re looking and to keep you in mind when they get new listings. business loans usually have short terms around 5 years (10 at the most), it’s like a forced equity plan.) however, what may drive the price up in densely populated places like la is demand. have been looking around for a business opportunity and came across a laundromat for sale but the numbers don’t look correct. the builds are located in a up and coming part of downtown and should be worth some money in the near future. the good news is no money was taken, but the bad news is there was some damage to a bathroom window, the changer and a drink machine. not disclosed until i specifically asked about payroll, and time the owner puts in. we have spent hours in laundromats, doing our own laundry while we covertly check it out. the only problem you run into with a low entry cost if your worst case scenario is realized and customer ramp up goes extremely slow on a new location the amount of money you could have to feed the store monthly to keep the bills current could break your household,Store 1 october 2009 right before the economy collapsed was a operating location and a cosmetic disaster needed retooling and remodeling, re-tooled at beginning but took 2 years to remodel one item at a time, slow revenue growth and no cash in my pocket to do cosmetic remodel all at once.’m considering starting a laundromat because the owner of the one i use has raised prices, cut services and even shut off the bathrooms to customers! the one that was in the town over half of the machines don’t work and the place doesn’t have a tv in it and is no place to sit down and things of that sort. my wife and i both work full time and have 2 children, so hours we could put in would be limited. the broker on one of them lied for the seller as well, employees were steeling cash, while others took customers phone numbers and opened up a business two block away.) before we even made an offer, i had already outlined our financial strategy (income goals, remodeling budgets, forecasting) and randy put together our strategy for operations (management style, setting our prices, customer service). just spent a day watching the traffic of one laundromat i really liked, and crunched numbers, etc. but in the end, we couldn’t negotiate the terms with the landlord to our satisfaction, so we backed out and got our deposit back. the prices are all over the place, with some fair priced, and some wildly overpriced. immediately put our financial and operational strategies into action and after just one year, we had increased sales from 5,364 (former owner) to 5,200..com - coin laundry business plan outlineStart-up costs for a laundromat can be high. i have been looking into the automatic locks and security cameras that can be accessed from a smart phone/computer. he does have 50000 in payroll expense, and he said if he was going to continue with the business(he is ready to retire and has others businesses around town) the first thing he would do is cut payroll.. but trying to factor the cost of machines, where to purchase machines from, coin machine.
Coin Laundry Business Plan - YouTubehe should be able to tell you if you have any time-bombs on your hands.. how do you go about counting coins for deposit into a bank account? in 2014, we put our finance and management backgrounds to work, and pursued a self-service coin laundry as a way to get both. laundry businesses are often required to pay sewer connection fees on a per-washer basis. i talk about demographics a little bit in this blog, and there’s also a whole section on it in the laundromat investing guide we just released, but in general, you want a lower-to-middle class neighborhood with little to no nearby competition with a high percentage of renters (40%+), with a storefront that is visible from the street with plenty of parking (that is not taken up regularly by other businesses). do you think that the fact being it was a laundry mat at one time that it would have the expensive drain/ sewer hook ups in place?!My husband and i are interested in buying a laundromat but both have demanding full time jobs. looked at laundry listings that had the asking prices, and the net profit., and smarter, i will go way beyond where i was before. this will be accomplished by having ample desks for customers to use while they are doing their laundry.[and…we started getting requests from people all over the world (yes, world! we are planning to meet with the owner again to ask about his utility costs, the length of the lease and the year of the machines. the landlords said they would be willing to renegotiate the rent from 2750 per month to 2000. i was also thinking because it’s a bigger building possibly doing like a side burger and sandwich place in it in the same location what are you guys ideas on this type of scenario although i know there are a lot of variables not listed. also once i talked with the landlord he told me that the laundromat was on a month to month and he’s was in the process of kicking him out do to him not keeping up on the business. it is just breaking even, and payroll needs to be cut in order to make money, and that means you ‘working a shift’, you need to be careful that you’re not just buying yourself a job. laura my name is jio and just like i realize i want to reach financial independence so i was looking for business ideas that are simple enough to oprate for some one with no experience in bisuness found out about laundromat and it seems like to way to go i just started learning about this industry and im currently reading “an investor guide for coin laundromat” which i downloaded for free online, im really enjoying the blog and found very usfull and good vibes lol 🙂 so thank you and every one! not a bad move to finance though if you plan on owning two at a time and don’t want to spend the cash to buy one outright as it’s only a 4 month difference. (if you really want to know how silly we are, we opened up the change machine where that customer had deposited his first dollar bill, and we took it out and framed it. we stopped in for a tour and it was very busy which was nice to see, every machine was being used the whole time we were there. hang fliers on local bulletin boards and place ads in print or online newspapers. would love to hear tips and pherhaps a process of how to check a laundromat to potentaly buy? are supposed to be accounted for in the expenses as well, but that’s such a gray area, and often performed by the owner, it’s harder to pin down the money/time really required on that one.
How to Calculate Start Up Costs for a Laundromat |i would of course be working hours as well, so getting the payroll down and going to a partially attended mat would save lots of money. i didn’t account for the fact that our cash flow will very likely increase each year, and i also believe we’ll be able to sell them for more than my estimated values. bottom line is; if your equipment is in good shape and well maintained, you can only work there 4 to 5 hours a week (machine maintenance and collecting quarters) with very few customer issues. i looked through 150 listings of laundromats, and it looks like you made one heck of a great deal. if you are purchasing from an owner, you can ask to see his schedule c, p&l statements, and all the actual bills for the laundry. would have to buy new equipment and fix up the place. you can invest in a laundromat, and consider it to be diversifying your portfolio?.the seller works there full time cleaning and doing fluff and fold! realize the day is wide open and completely yours to command. and as with many things, there are pros and cons to each method. seven or eight that i hand picked for all the available info from the brokers are much different than the bizben ad states. once we re-calculated value based on the newly accurate rent expense, the price dropped and we revised our offer (which was accepted). list the services you will provide, including specialized ones such as wash-and-fold, pickup and delivery. would have to buy new equipment and fix up the place. still waiting to speak to the local company that owns it and or going through the tax portion and just paying the taxes that are owed if i do that then that would amount to about ,000 and then i were on the property but it would take three years to acquire verses trying to just purchase the property outright and then pay up the taxes which are ,000 yearly. i turned 133k into a 300k asset and that 300k asset now has given me back my 133k it is debt free and makes me 60k a year in profit i can go invest in another store. from what i read (elsewhere), maintenance time/cost and machine replacement are obviously issues that need to be properly managed. we certainly would have preferred to own the underlying real estate as well, but then again, that would have required a much larger investment up front and then we’d be well past our initial investment target of k. describe your marketing plans, pricing and supplies you’ll need, such as detergent vending machines, washers, dryers and folding tables. any cost approximations and tips for getting reasonable rates on manned vs unmanned sites? of coins, i haven’t read, but do you ever take the time to look for valuable coins. we met at fincon back in sept (but yeah, i know, we all meet a ton of people at fincon and don’t recall 99% of them! to be clear, that 0,000 figure is the combined annual cash flow over the 5 years for both stores, plus the selling price of the stores themselves (because they’ll be owned free and clear by the time we sell).
Laundromat Sample Marketing Plan - Executive Summary - Mplans(we promise not to spam you, and you can unsubscribe at any time. of course, my change machines keep track of the cash coming in, but there is no way of tracking the coins on my older equipment. and, i would never consider starting a laundromat from the ground up until i had been in the business a very long time. so they accept it as “just the way laundromats are”, and they just pick whatever crusty laundromat is closest to them. it seems to me i need to at least know where it’s located and if it’s thriving. i did have trouble with one magnetic lock and looked into a replacement. and at 6am on the dot, our first customer walked in and dropped his coins in the washer. there is certainly a lot more i could get into (depreciation, equity, etc), but i wanted a quick and dirty non-sleep-inducing overview. just some sketchy looking charters came through and were watching me little too close. consider purchasing a card system rather than a change machine, as cards will track the number of loads a customer has done and allow you to change your prices more easily. centers with many vacancies, that are quiet and have no anchor stores will be much more likely to work with you in regards to lowering the rent (or even offering free rent for a few months) than a bustling, anchored shopping center that knows it can easily fill a vacancy and charge premium rent. we’ve had several people asking us that same question, and we just don’t have the time to look through them! major equipment manufacturers we recommend are speed queen and dexter. before you open shop, make sure you've found a prime location, discovered how you'll distinguish yourself from the competition and researched the cost of supplies and fees. so while this also means we give up some cash flow because of the debt service, we’ll own it free and clear in only 5 years. if i only have one location, and god forbid…fire…earthquake……. how tanmenmuch money do i need to be taken seriously and will a low credit score stop me from being able to purchace a laundromat? decided to sell because he started his own custom motorcycle shop a while back and it’s really taking off. i have been trying to put a business plan together and i am stuck at trying to figure out how much i need to spend in machines. it gets people in the door and when they see the improvements we are making, they will hopefully start bringing in their laundry. did look at several before purchasing our second store, and we were in escrow for almost 6 months on one location. you can always offer what you think a laundry is worth, and the worst thing they can do is say “no. i paid 00 for the basic set up (four cameras and a dvr) from costco.
How to Open a Laundry Business |the risk of a laundromats business ending by landlord changes, fire, or other, with the multifamily being worth for times the price in 20 years after a 25% down payment. jack hollingsworth/digital vision/getty images related articles 1 [laundry business] | how much does it cost to start a laundry business? our business has picked up recently, and we’ve had to move to collecting 3x a week instead of 2x. our second store was so run into the ground, we basically paid for the equipment, sewer hookups and a small customer base, for k. the laundromat i still feel is a gold mine since it still is very busy and their isn’t one for another 11 miles. [laundry business] | the risk of having a laundry business [cleaning business] | how to open your own cleaning business [office cleaning] | how to price for office cleaning also viewed [laundromat business] | how to start a laundromat business [office cleaning contracts] | how to get office cleaning contracts [grants] | grants to start a laundromat [car wash business] | how much money is needed for a car wash business? also own an unattended laundromat, and my business is set up exactly the same. so a run-down store would have a multiplier between 2 and 3, an average store would be between 3 and 4 and a turn-key operation would be closer to a 5. 2 [laundry business tips] | laundry business tips 3 [start] | how to calculate start up costs for a laundromat 4 [dry cleaning business] | how to open a laundry & dry cleaning business a laundry business can be relatively easy to start, even if you don't have experience in the industry. purchased and i self installed a camera system from avertx. big manufacturers (american changer, rowe, standard) are all about the same. but usually, new equipment will pay for itself in just a handful of years. what are these sewer hook ups and because the building was a self service laundry many years ago, would it be done already? differentiate your laundry business from your competition by emphasizing any specialized services or perks, such as televisions, free wireless internet and couches. truthfully, the best folks to help you with planning are equipment distributors. it’s still on the wall in randy’s office to this day. the frequency that you need to collect will depend on how busy the store is, and how much your change machine holds. the business is forsale for 150000, and the business with the land and building is forsale for 425000., if you’re the curious type, and want to see some before/after pictures of our first laundry, and some gnarly before photos of our second laundry, check out this post. as far as the shape of the machines go, i would look for a commercial laundry repairman and pay him to do a once-over on the place before you buy it. during the closure customers will be forced to find an alternative and you will be fighting to get them back. and will start to get that 150k investment back over the next three years. so i am going to wait till the landlord kicks him out because i feel that the existing laundromat still has value do to all the plumbing and hookups but i still need a good lease to make this work since i’m starting with new equipment.
We Bought a Laundromat…and It's All About the Numberswas working in finance at the time, and randy was working as a manager of a commercial laundry plant (how appropriate, right? understand if the seller doesn’t want to divulge the net cash flow before you’ve made an offer, but i do find it a little odd that he’s shared all kinds of other information. and half the machines, and dryers are 20 years old, and older. think the hardest thing about it, is learning to spell the word laundrymat er…. didn’t go the next step and calculate the percent return when from a 50% down payment. i was googling for reviews on “rosemount thrifty wash” and think i may have found a link that describes the “thrifty wash”, as run by now former owner (although it may not be the correct one that you are referring to). love how you broke down the numbers and used leverage! one multi-family property that i held onto is now worth more than 2007, and i am just about to begin flipping houses again. as you mentioned, you were scooping up properties paying all cash, so who do you think the seller is going to go with…you with all cash, or us with k cash and a financing contingency? they provide a wealth of information about the area and how the laundry is managed. i would be purchasing the real estate and would have to purchase all new equipment so my investment would be at least 3k. we were able to verify the incomes and expenses, with the exception of discovering that the seller had been withholding rent because of a dispute with the landlord, so the rent expense was actually higher than stated. when they aren’t in favor, the prices reflect it, and the cash return on a purchase can be 25%. owners don’t like the idea of the financial specifics of their store just being freely passed around, and i don’t blame them. as to the laundromat side, since you’re located in a small country town, and revenues could be inconsistent, i would start small and see how it does. our plan at this point is to take the store as is and do a complete cosmetic make over. control software marketing planpersonal organization consultant marketing planplumbing company marketing planportrait photographer marketing plantoilet rebate promotion marketing planwindow cleaning marketing planautomobile inspectors marketing planbicycle courier marketing plancleaning service marketing planday care marketing plandental marketing plandog kennel marketing planemployment agency marketing planenergy recycling marketing plangraphics design firm marketing planhigh tech consulting marketing planhouse inspection marketing planhuman resources marketing planlawn landscaping marketing planoutdoor gear designer marketing planpublic relations firm marketing plantaxi service marketing plantravel agency marketing plan. we come in and collect money, handle a few customer service issues, and perform minor repairs. can i sign the disclosure agreement and view financials and then find financing?. and and wondering how many times more expensive your purchase would have been if in l. need to look at current net profits and demographics and decide if it makes sense. the best part is always somewhere in the middle when your plan is starting to look like it will work. to hear you’re enjoying the “adventure”, and thanks for stopping by!
Laundry Business Plan - Laundromat Equipment | IPSOa standard double-load front-loading washer can cost anywhere from k-5k, a typical top loader about k-2k, a four-load machine k-6k and a six-load machine k-8k. my suggestion is to find a local distributor for either speed queen, huebsch or dexter brands. In addition to commercial space at a suitable location, the business requires commercial-strength washers and dryers. some sellers clean their stores themselves and then list “cleaning expenses” as zero, which artificially inflates their net income. curious… what are the depreciation and tax advantages (if any) to a laundry mat? was clear that randy was following down that same deadly path. your savings up and your eyes peeled, someday you may find your own “diamond in the rough”. the lights automatically dim at 2am, and our cleaning crew sets the alarm when they leave every night. its about 1400 square feet, the roof was re done last year and the boiler system was done a couple weeks ago (on demand hot water). random night last november i decided to log on to a business buy-sell website to see what was for sale in our region. second location cost me 25k out of pocket going in but i had to feed it 74k the first year and 34k the second year, we are a little over 4 months into our 3rd year and we are predicting break even this year. if you’ve made an offer and he still won’t divulge the cash flow numbers (or at least his schedule c from his tax returns for the last few years to get an idea of annual gross income), then move on. a rule of thumb in the industry is that net income is roughly 25% of gross income, and this store is at about 22%. the laundromat is located in a college area and the owner mentioned that the place gets very busy with many college students. it sounds like you could build out bigger later once you get a feel for how much demand there is for a coin laundry where you are. i have looked at several but once again as you stated its all about the numbers and sometimes it takes time to find that gem. the alarm, lights and door locks all open up automatically at 6am the next day. hope this helps and good luck on your new adventure. thankfully, the seller was motivated, and we ended up negotiating it down from 9,500 to 5k. they do like you describe; roll their current profits into purchasing the next store, and the cycle continues, much like the real estate world. we had a very hard time finding a property where we could make the numbers work, and after finding a few, none of them ever went through. laura… its seems like i just started reading this and just cant stop… i am looking to purchasing a laundry mat that has been closed down for years in my hometown… hopefully less than 5k for existing building and land.. laura, randy, & all: i would think insurance is a significant fixed expense but never hear it discussed.
Surveys & Research - Coin Laundry Associationfor sharing these insights and allowing us to live vicariously on this adventure! [dry cleaner drop-off business plan] | how to write a simple dry cleaner drop-off business plan [laundromat business] | how to open a laundromat business [money] | how to make money from a coin-operated laundromat. so i am going to wait till the landlord kicks him out because i feel that the existing laundromat still has value do to all the plumbing and hookups but i still need a good lease to make this work since i’m starting with new equipment. because i wanted a lot of options i went with the american changer ac2225, with an additional coin acceptor. include a list of your services and offer coupons to new customers. too many mistakes are made when people run cash-flow scenarios, and don’t calculate their actual percent return! our stores locks are not accessible over the internet, but i have only had two calls where customers were locked out and still doing laundry. we spoke about it and thought it was a great idea to put in an offer. (we could also decide to hold on to them and enjoy ,000 x 2 = 0,000 cash flow each year. laura, we live in a somewhat land constrained beach are with a lot of rentals. did some calculations, and now i remember why in the last 25 years i stuck with real estate in the past. also, people at the beach have big towels and many sheets to wash. we are able to monitor both from our mobile devices and our computers., there are some structurally basic numbers, then numerous variables including the buyers ability, and market forces. most owners with successful laundries expect and achieve an roi in the range of 25-40%. at my age, i still go out all bright eyed and bushy-tailed, and want to believe i will get that kind of return. and a general rule of thumb for profit margins in the coin laundry industry is 25%. says one week of the month is profit and the other weeks are paying the overhead. i am willing to setup security cameras and do all what is requires. use this time to dig in and get the information you need to feel comfortable with the purchase. the other day, randy and i slept in late, grabbed lunch, went to an early movie, stopped at starbucks for some coffee and laptop time and then went to the park to fly randy’s new drone. currently, most of the laundromats have a wait for usage of the machines, and these are the dive shops. you suspect the surrounding demographics could support a new store, drive around and check for possible locations.
laundry's mission is to provide the customer with the most pleasant laundry experience in the ann arbor area. and some times i wonder myself if my head is wrapped around it. in fact, i’m hoping that our grand total by the time we cash out is closer to 0,000 from an initial ,000 investment, after 5 years. i did work replacement costs into our 5-year business plan, which was a ridiculously lengthy document that we submitted as part of our lease application and financing. 🙁 when you’re handling nearly 6,000 quarters at a time, it’s usually a quick collect/weigh/load-the-changer scenario. how long do these machines last(i’m sure depends on how they are taken care of and how much they are used)? a soap bleach and softener machine selling the packs for each. the end of the day, we knew we were only comfortable investing about k in cash, and we’d still rather leverage debt and be able to purchase a second laundromat down the road. my question is do we need to keep a constant count on the change in our money changer and does that get added to the profits? market research indicates that a clean, quiet laundromat is in large demand for the ann arbor area. both the cash return, and the loan payoff means tripling your money in five years. why was the owner selling, and how did you two connect? fire, acts of god, even something not-so-significant that forces closure for more than a week, and our “loss-of-income” insurance kicks in. the on-staff laundromat operator will be able to service both the laundromat and the coffee bar at the same time. the laundry is full attended all hours of operation with a payroll of 50000 per year, but it’s losing 1000 a month. i own a business i have owned for 8 years and next to the business there’s a three building package for sale. my husband and i are inheriting a small laundromat after my dad’s death in december. laundry business can be relatively easy to start, even if you don't have experience in the industry. spoke with a broker and he gave some numbers of this coin laundromat but the numbers he gave me does not add up according to him the place is generate cash how ever it seems that when factoring the true cost according to the revenue of the place they are actualy loosing money he said the owner does not report on all the revenue, how can i make a realitevly good edtimate of how much revenue this place realy make? reach out to their sales department and they will put you in touch with someone who can walk you through it. however we are not experienced in this field at all and we thought this will be a source of additional income for us. haven’t crunched the numbers in a long time, and i will. looking further, do the numbers include paying someone to clean, and/or fix machines?
there’s a dilapidated laundromat that is loosing it’s lease in my neighborhood and i’d like to take it over, but would have to buy all new equipment. my dad and i recently tore it down and rebuilt the store. at this point it is only worth the machines inside, and that’s about it. the building was used as a laundry mat for many years before the restaurant. is very standard in the beginning of the purchase process. we’re the best laundry in a 10-mile radius, and all it took was some paint, signage and some simple business strategies. i use this information in deciding pricing and which size machines are due for a price increase. and it’s difficult to say what kind of weekly revenue a laundromat could pull in, because there are so many variables.. how often the machines need to be emptied out of coins? the wireless dsl will be inexpensive to set up and maintain, yet offer significant value for the waiting students. my problem is that after doing larger deals, and flipping houses that i could buy by writing a check for it, i did not do my due diligence on the two hair cutting franchises i bought. the other hand, using the depreciation method may not do as many favors for your tax bill in the current year, but your profitability looks much better on paper which is important if you want to get a business loan or sell the business. and to date i have invested 133k into this store and it now starts to make 30k a year at the 4 year mark. and retail stores have to stand out among hundreds of other competitors in just a small area. let the big house go, and moved into one of the rentals we still had. you have plans to offer more options (tokens, dollar coins) in the future? once an offer is in place, verify the owners claims by requesting tax returns and profit and loss statements. i am very new to this kind of thing and i have no clue where to start. so going back to those same gross income figures, you could estimate monthly net income as ,000…,000…and ,000. will also offer a coffee shop with light food offerings to encourage people to stay longer stays and spend more money. laundromat is unattended, so we can have full time jobs and run the business. you have found a few possible locations, you need to reach out to your local equipment distributors who can help with much of the process (planning, confirming the demographics, store layout, financing, etc). and there is no real average ror, as it is so dependent on the turns-per-day (uses per day), the cost of the underlying utilities required per use, and the vend price being charged.
Business plan and coin laundry
rent a space near apartment buildings to attract customers who do not have laundry machines at home. also want to buy a laundromat and have located a couple for sale, 1 in particular i’m interested in. we have put in an offer and right now our best option is to finance it. the fourth year it made about 17k the fifth year it made about 30k and paid off the equipment note. and just like with real estate, you have to be careful not to over-leverage, or it’s like a house of cards, just one strong wind away from collapsing completely. pay any sewer connection and waste water fees required by your city clerk. thoughts on “we bought a laundromat…and it’s all about the numbers”. turns out i probably won’t be headed out for 4 more years; so i think i will start researching in my home state and see what i can do here in four years, then take my knowledge (and success! and generally i would avoid affluent areas, low renter areas and neighborhoods with very few apartments., everyone i’m in the beginning process of purchasing a laundromat and was wondering if anyone could point me in the right direction for these two questions:What’s the average life span on commercial washer/dryer? we’ll own them free and clear in just a couple years (and our customers are paying off our loan each month! buy an existing laundry business to save time and money locating equipment. there is still a loan that is approximately 130000 and it is 22 washers and 22 dryers (dexter) in a busy area. some landlords are sneaky and try to include a clause that charges an exorbitant fee when you want to sell and it comes time to transfer the lease to your buyer. the sewer hook-ups, plumbing, ventilation and hard-mounted machines mean that the likelihood of a laundromat owner picking up and moving are slim to none. we wanted a short-term game; get in with a low upfront investment, enjoy the cash flow/equity increases/tax advantages for 5 years, and then sell the asset free and clear for a nice chunk of change. second year we passed our sales record again and reached almost 5,000. a lot of people in the nearby apartments are using my change machine for quarters at the apartment laundry.’ve been looking to open a new facility……i’m haviing real issues with the equipemnt and costs. asking the average cost of a commercial washer and dryer is a bit like asking the average temperature in california. we are excited to put new life back into it and want to keep it as efficient as possible. but i understand your affinity for real estate as it certainly has its own unique advantages, and i also understand your intrigue with laundromats, for what they bring. drool drool drool zzzzzz – ummm, very interesting and informative blog post there, laura (j/k) 🙂.
just this week, i have started using dollar coins in our bigger store. have an opportunity to acquire a laundry mat that the owner wants out of the lease. and it ended in a split second, his coffee mug dropping to the floor as he collapsed. we are still negotiating the lease and will probably have to have specific plans written in. not only did i spend 133k in the first two years but since i have gotten my 133k back in years 3-6 and now i am making 60k off a store that has a value of 300k. finally found one but the owner wanted ,000 and the equipment was old and tired. and as you fill your days with whatever you please, travel / friends / hobbies, your business is making you money, and you’re not even there. also love the photos i liked it before and afters and i also like all the stories i think i’ve read every old and current blog before sending this message thank you again for making yourself available to share a blessing to your family with others. that were the case, more people would be in the biz, and the prices would rise to meet that. i assume that your estimated annual expenses (,276) includes sufficient guestimates on annual operating / maintenance expenses, supplies, and recapitalization expenses. the door locks, alarm and lights are all automated to come on and off each day. ideal scenario of course is that the hookups are still in place and accessible and that the county doesn’t require ‘renewal’, but you would need to check with your county sewer/water office to be sure. you and best of luck to you in your endeavors! you wait until the landlord kicks him out, you will never know what the net profits are. there are indeed “people on a mission” who expand to additional stores quite quickly. also if everything is automated (locks, lights, alarm) what happens if someone is still in there when the doors lock and alarm sets? there was one laundromat here but they closed down and the building ( store/gas station) is for sale, not something i can purchase., we wouldn’t be comfortable being first-time business owners building a brand-new laundromat, only because the upfront capital required is so substantial. grandmother owned a small convenience store/gas station/ laundromat for almost 50 years. but i would want the tax benefits of purchasing the equipment, and leasing doesn’t give you that. we found a solid location with a seller who wanted out, negotiated the price down to rock-bottom, and then increased business with basic improvements, amenities, advertising and creating an online presence. the laundromat i still feel is a gold mine since it still is very busy and their isn’t one for another 11 miles. and yes, we have 8 hd cameras with remote monitoring from our phones and laptops, including outside the front and back doors.
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