I’m a first time investor purchasing a 56-unit apartment complex. Each of the 14 buildings has its own coin-operated washer and dryer in the common hallway. I live out of state. How do I insure that our PM is honest when collecting the coins? Does anyone know if a coin counter of some sort exists to insure the safety of my money? I am open to other ideas for laundry (in-unit, leased, etc). Thanks in advance for all your help!
You (or someone you can trust) could spot check the coin op laundry. So get consistent reports from your property manager, then you can personally check it once yourself. Or you can have different people do it at different times to see if they average out.
On site, coin op laundries are usually provided as an amenity to tenants. not as a profit center. If your PM is going to embezzle from you, they are probably more likely to bill you for repairs not done, or pocket security deposit refunds that should go to departing tenants. Just sayin'....
If you are really worried about this, decrease your PMs reimbursement by the estimated amount of the monthly laundry income and let the PM keep the quarters.