Laundry Equipment - Cleveland, Ohio

[Karl Kauper]

Just curious if there's a consensus: Is it better to own or lease your laundry equipment in the Cleveland, Ohio area (or any area)? My PM is recommending we get rid of our coin-operated laundry machines and replace them with leased ones. The PM says they break down too often. The other option would be to buy new coin-operated machines, but I honestly haven't yet looked into what the cost would be for new machines. - Thanks. - Karl

[Ryan Hehman]

How many machines do you currently have? Would you be leasing or purchasing the same number, or more? Leasing definitely makes sense from a maintenance perspective. Not uncommon in my area for owners of even small multi-unit buildings to lease to have a smaller profit center there but without the headache.