Investor · Chicago, IL · Member since 2020 · 17 posts · 1 vote
Hey Bigger Pocket family,
I have a 4 Unit building currently with no washer and dryer from when I bought the building.
Trying to decide between if I should get coin operated washer and dryer or regular washer and dryer.
I pay for water quarterly and monthly electric in the common area in the 4 unit building. I know my water bill will increase for sure with washer.
I see the coin operated washer and dryer people say getting the quarters and the maintenance tough to do on coin operated.
And I know with regular washer and dryer people will wash all day and possibly invite family and friends but easier to replace if broken with so many locations to buy used or new washer and dryer at half or quarter of the price of coin operated machines.
Just wonder what some of the opinions multi family landlords doing for their building or people with history.
Attorney · New York City / Long Island, NY · Member since 2020 · 597 posts · 248 votes
5y
Definitely go with the coin operated. Don’t stress about possible repairs down the road, everything needs to be repaired at some point and the revenue will help pay for it.
Flipper/Rehabber · Memphis, TN · Member since 2020 · 758 posts · 285 votes
5y
Coin operated is much expensive but it will create a good revenue for you. On the other hand, you can have normal operated laundry and dryer appliance but you should add a laundry fee per month.
Investor · New York, NY · Member since 2020 · 119 posts · 84 votes
5y
@Richie Thompson You may want to just buy a used set either for each unit or install in a common area in the basement. The cost of coin operated laundry and the time to go and collect the funds would outweigh the benefit IMO. If you have onsite laundry for the tenants its a way to increase the monthly rent you are charging or added value to entice a tenant to stay long term.
Investor · Chicago, IL · Member since 2020 · 17 posts · 1 vote
5y
@Suzanne Player thanks I’ve been debating back n forth on weather to just increasing rents and adding regular washer and dryer or getting a used set for the coin washer and dryer
@Aigo Pyles@Adam Azam yeah that also what I was looking at as well. I just know it’s tough now with the evict moratorium so I was kind of hesitant but guess is I was to do it those few months or same rents they’ll like I’m sure.
Cincinnati, OH · Member since 2020 · 299 posts · 476 votes
5y
@Richie Thompson I suggest adding a regular washer and dryer rather than a coin operated one. Your tenants should not have an issue if you increase their rent for free laundry. It will also be easier to buy a new/used washer or dryer rather than managing coin operated ones.
Investor · Chicago, IL · Member since 2020 · 17 posts · 1 vote
5y
@Sharlene Mulchandani thank you that be my mindset on the flip side. Just increasing the rents by $50/unit. And if it breaks down I can just go buy a washer or dryer and replace easier than finding a coin operated on Facebook marketplace or offer up because new ones expensive like $1000/each
Investor · Chicago, IL · Member since 2020 · 17 posts · 1 vote
5y
@Christopher B. I only talked and seen coin operated in the unit next door. Right now it’s none so I know they’ll be happy with each option for sure especially since it’s been years since one been operating in the building. I’m sure the winter time taking laundry to a from the building to laundry mat and back is tough especially if letting loads pile up. I think I’m leaning towards just adding as amenity and I ping in rent but on flip side I’m thinking of doing coin operated and testing it out and if I don’t like whenever it break replace with regular washer and dryer
Investor · Southeast, MI · Member since 2016 · 425 posts · 184 votes
5y
Yeah, once you start adding things into Rent, when you advertise your vacancy, yours might appear more expensive, which on the surface, may be for no reason. Potential tenants would have to read the description tu understand why you are higher. They may not always do that.
I inherited two Coin Laundry machines with the building, an older generation (I believe) SpeedQueen, and a Whirlpool dryer. In three years, the washer has needed no service, and the dryer needed gas coils or something for a couple of hundred dollars. It should have been under warranty actually, but the issue was fixed on weekend where the vendor couldn't verify the warranty with the manufacturer, and then wouldn't refund after they did verify (ridiculous).