Attempting to diversify my cashflow with a laundromat

[Philip Devine]

The laundromat is very beat up but also very popular. I've never owned before so it is a learning curve, but the cash on cash return is so far phenomenal considering I just stop by every morning to check on the attendant, the store, and meet with customers.

My plans are to give the whole place a facelift, set up a wash dry fold service, and provide some newer machines, all purchased with the revenue from the laundromat.

Currently it grosses about 250k per year with a net of 80k. I'm confident I can double that with the wash dry fold, but time will tell

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I'll be posting updates here 

[Sam Wilson]

@Philip Devine - congrats!  We bought a failing one in Memphis last year and after the remodel it began to cash-flow!    Our drop-off and delivery combined is about 15% of our net.  If you have space you should consider partnering with a local drycleaners as a drop-off spot for them.  We dont make a lot with it but it pays for our attendants.