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Updated 11 months ago on . Most recent reply

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Anna Washburn
  • Real Estate Agent
  • Philadelphia, PA
19
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32
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Anyone have experience in buying a laundry mat?

Anna Washburn
  • Real Estate Agent
  • Philadelphia, PA
Posted

I'm thinking about buying a laundry mat, but have no idea where to start.  Any tips would be greatly appreciated.  

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Henry Clark
#1 Commercial Real Estate Investing Contributor
  • Developer
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Henry Clark
#1 Commercial Real Estate Investing Contributor
  • Developer
Replied

A.  Unless your mechanically handy your maintenance costs will eat you up.  Make sure that is part of your deal analysis

B.  If managed by the owner currently and you plan to hire people add in a 30% loss of revenue.  This is a cash business.  Move to an electronic card system even for the soap dispensers. 
C.  Take an inventory by age of all of your equipment. Run every machine with a load in it. If old equipmEnt you need to add $xx,xxx capex costs for the next theee years while you clean things up.  

D.  Check your infrastructure.  Roof, plumbing, hvac, water heater, etc

E. This isnt passive or a side hussle. Quit your job and take this on. Can do your REI while doing this.

  • Henry Clark
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