Coin Op Laundry Leasing
12 Replies | Cincinnati, Ohio
Rich Lodge
Rental Property Investor from Cincinnati, OH
posted almost 3 years ago
Paul Sian
Real Estate Agent from Cincinnati, Ohio
replied almost 3 years ago
I use Cincinnati Coin Laundry for my 4 family. They maintain the machines and pay me a small cut every quarter.
Rich Lodge
Rental Property Investor from Cincinnati, OH
replied almost 3 years ago
@Paul Sian thanks! You seem to be the only person in cincy that ever has recommendations; much appreciated!
John Lenhart
Rental Property Investor from Cincinnati, OH
replied almost 3 years ago
I use Cinti coin in some of my buildings larger than 4 families. I did not know they service 4 families. In some of our 4 families we purchased refurbished machines from Great Lakes Commercial or (Wash). They typically cost $500 a piece. The good news is you get all the revenue but the downside is that they are slow to service your machines if they do not own them.
Rich Nordstrom
from Galva, Illinois
replied almost 3 years ago
I hesitantly went with going that direction having a company come in supply all new machines, there are 4 laundry rooms in the complex it’s a 50/50 split... wink wink probably more like 60/40. But it’s ok I didn’t have to purchase new equipment but am tied to a 3 year deal. After time is up I’ll most likely buy the equipment and do it myself.
Slocomb Reed
Real Estate Agent from Cincinnati, OH
replied almost 3 years ago
@Rich Lodge I prefer to buy my own machines. I'd recommend that you go over the coin op laundry companies' contracts with a fine-toothed comb, I know several investors who've been locked into very long agreements and those agreements typically transfer when a property is sold. If I see Cincinnati Coin machines when I'm showing a property to a client, I tell them to project $0 laundry income for their pro forma, and just be pleasantly surprised if the arrangement with Cincinnati Coin works out in their favor.
Rich Lodge
Rental Property Investor from Cincinnati, OH
replied almost 3 years ago
Good input from all, thanks guys. After having talked to cincy coin I think, like most of you, it makes a lot more sense to just buy my own machines.
John Lenhart
Rental Property Investor from Cincinnati, OH
replied almost 3 years ago
I am a fan of CIncinnati Coin and use them for some of my larger properties but
If you are looking to buy your own, I recommend the refurbished Maytag machines that Great Lakes sells. As mentioned they run about $500 per unit and have a coin drop instead of a coin slide. This makes it much easier to change the prices on the machines. Do not get one with a coin slide because they are difficult to raise prices
Ryan Ball
Rental Property Investor from Chicago, IL
replied almost 3 years ago
Like others, I would advise buying your own machines. We have had very little maintenance required on the machines we own. We purchased one building with Cincinnati Coin machines and inherited the contract. It pays us next to nothing so the $0 laundry figure is a good estimate.
Priya Thomas
from Cincinnati, Ohio
replied almost 3 years ago
Originally posted by @John Lenhart :
I am a fan of CIncinnati Coin and use them for some of my larger properties but
If you are looking to buy your own, I recommend the refurbished Maytag machines that Great Lakes sells. As mentioned they run about $500 per unit and have a coin drop instead of a coin slide. This makes it much easier to change the prices on the machines. Do not get one with a coin slide because they are difficult to raise prices
Good point John.
DL Martin
Rental Property Investor from Cincinnati, OH
replied almost 3 years ago
Cincinnati Coin has 4 washers and 4 dryers in my laundry rooms. My monthly check is right at $500 per month. I think that the split is "50/50"... I have never signed a contract with them and the machines were in my complex when I bought it 2.5 years ago.
As others have said, a $4,000 investment in my own machines (4 washers/4 dryers) would break even in 4 months, if you assume that I would take the full $1,000 per month instead of the $500 that I receive now... And if I added Coke Machines in the laundry rooms, that would probably bump me another $200 bucks per month...
which would make the $1,199 per month lease payment on the 2018 Porsche 911 I've been looking at.
DL
Slocomb Reed
Real Estate Agent from Cincinnati, OH
replied almost 3 years ago
@DL Martin you need a Porsche. Time to get some Coke machines!
Adam Cranmer
Rental Property Investor from Winter Haven, FL
replied over 1 year ago
@DL Martin Not sure why I never thought to add a Coke machine to my property until you just brought that up. Definitely adding it to my triplex reno budget that is underway. Thank you!