I just bought 2 family in Bayonne NJ and want to buy one coin operated washer & dryer for tenants. I have never bought coin operated before. What is best options for me? where should I buy and what size? how much should I charge for washing /drying?
@Nick Pandya you won't find a lot of choices for size and they are not cheap. I have only found them at HD-coin operated that is.
I charge 1.75 ea. The machines are pre set at 1 dollar; there are youtube videos that show you how to change the amount-painful. You won't have much of a payback with only two families (40-50 dollars)...............if you can skip it you might consider that.
The new coin operated washers are lo-flo and use very little soap be sure and put up a sign. Too much soap will often result in a service call. All the best!
It may not make sense to purchase a coin operated machine as they are soo much pricier than regular machines. A good middle ground I have seen, is to buy traditional ones, and get an aftermarket machine that charges tenants. The aftermarket equipment doesn't send power to the machine unless paid for.
As far as price, use similar pricing to your closest laundromat. That's your competitor.
Your other option is to charge higher rent and include that in the rent. Only problem is that may entice them to invite friends and family for laundry parties.
I guess you are right to buy traditional ones and charge using aftermarket machine. I will go for that.
However I could not find anything online for "aftermarket machine" that charges tenants. I do not know where to buy that. Is it possible for you to please help me with that ?
I guess you are right to buy traditional ones and charge using aftermarket machine. I will go for that.
However I could not find anything online for "aftermarket machine" that charges tenants. I do not know where to buy that. Is it possible for you to please help me with that ?
Unfortunately, I have no idea what the machine is called. I saw it posted on biggerpockets forums and I think I googled it out of curiosity. If you do a search here for coin operated laundry you may find it with some luck, but that would require digging through every thread, as it was inside a thread. You can also do a google search for "coin operated laundry alternative" which may or may not work. Unfortunately, I can't be much more help.
Don't waste your money on a washer and dryer for tenants in a two family. Huge waste of money, and each time the tenants break the appliance, or cause a flood, it becomes the Landlords problem to pay for a service call. Let the tenants go to the Laundromat.
Agree on not buying a coin operated washer and dryer, the ROI of collecting the coins vs. the rent you charge just does not make sense.
If you are going to buy coin operated, look into commercial units made by alliance, their top line is labeled Speed Queen. They are super reliable.
You can't convert a regular washer machine to a coin operated, it uses a different logic board. Same as you can't convert a coin operated to a regular type without major work (yes, I looked into converting some extra units I have).
For washers, go with top loading units, they are more reliable.Consumer Front loaders are cool, eco friendly, use less water, and electricity, and more expensive, but, they break down more. And the repairs get expensive. And they don't wash that great.
Washer and Dryers are a nice to add to a unit to make it easier to rent, but there is a potential maintenance cost. I would look on Craigslist and equivalent and buy used.
I just bought 2 family in Bayonne NJ and want to buy one coin operated washer & dryer for tenants. I have never bought coin operated before. What is best options for me? where should I buy and what size? how much should I charge for washing /drying?
I think you're better off having tenants bring in their own. Only having two tenants using it the money coming in won't be enough to cover maintenance on the units. Total hassle, not worth it. Outside of that I'd imagine you'd get push back from the tenants. Coin op in properties that small isn't typically market competitive.
I just bought 2 family in Bayonne NJ and want to buy one coin operated washer & dryer for tenants. I have never bought coin operated before. What is best options for me? where should I buy and what size? how much should I charge for washing /drying?
I think you're better off having tenants bring in their own. Only having two tenants using it the money coming in won't be enough to cover maintenance on the units. Total hassle, not worth it. Outside of that I'd imagine you'd get push back from the tenants. Coin op in properties that small isn't typically market competitive.
I'm gunna piggy back on this and suggest having two hookups in the basement. Then you can have tenants bring their own and possibly submeter and bill them back for water. Billing them for the water will probably be very similar to the money you would get out of the machines anyway, but now you don't have to maintain or purchase the machines.