Laundry Equipment Purchase vs. Lease - owner wants to own
I have a portfolio with an owner that is asking us to put together 15 laundry rooms with card reading machines that are self owned, not through a laundry leasing company, which is what we normally do for many reasons. I have been looking everywhere for a good solution, but cannot find an easy way to locate and setup about 50 machines as the owner is requesting.
Does anyone have any experience doing this? The trick is we want card readers that that will all be on one merchant account and one bank account (that is the good part). I am desperately looking for any good information on this since we need to get the laundry rooms up and running as quickly as possible.
Any advice is greatly appreciated. I normally like to lease since the installation goes well, the machines are maintenance and updated by a large company that only does laundry and we typically can get great technology at lower rate that purchasing full retail. We are located in Minneapolis, MN.
Most Popular Reply
In my 4plex previous owner was leasing 1 dryer and 1 washer by paying $150/month and also sharing income (quarters, it was coin operated). When I took over, I bought my own commercial washer/dryer (Speed Queen) very reliable machines. I spent about $2000. In 1 year I got my money back by not paying $150/month, and was also getting close to $150/month from washer/dryer in coins. I did have a small issue second year of operation, and paid about $300 to have it fixed. So my preference is it own.