What are the pros/cons in investing in a coin car wash?
I like the idea if the price is right. New build or existing? Can you update payment to app-based or apple pay contactless?
Ive been curious about this as well.
Pro: it's a cash business - Con: it's a lot of coins... However several of these near me have converted to credit card machines. I also like the idea of a coin changer when the coins are moving from the coin changer directly back into the bucket they came out of
EPA and waste water may be a factor. I've seen plenty of oil and waste get dumped in these.
Drain Maintenance - Any time the truck or the bikes get super muddy they go to the coinop carwash for a rinse - I'd rather leave the muddy mess at the carwash instead of in front of my house - I imagine those drains have to be cleared out fairly often.
Winter: Looks like you're in TX, so might not be as big of an issue for you, but during winter here in UT those hoses are constantly running to avoid freezing.
pros: usually cap rates are better for car wages than similarly priced apartment buildings, especially these days.
Business generally runs itself with likely weekly maintenance and upkeep.
Garbage cans will probably be the most frequent part.
No employees makes life a little easier.
Cons: can be a dump for things like old tires, oil, etc.
Much more of a day-to-day manual business than a small multifamily. Not a passive business
Can be harder to finance since it’s a non traditional type of real estate. Bought my car wash using an SBA loan.
Location is very important. A main st vs an out of the way street can make all the difference