Updated almost 4 years ago on . Most recent reply
Input requested - Laundromat deal
Hello BP group! Appreciate you checking out my post. I am an REI with almost 15 years experience in rentals, a few flips, and multifamily. I came across a different type of deal that looks decent at outset.
Laundromat for sale.
$145k
Includes the "turnkey" business with over 70 machines (W/Ds) and 3 snack machines. Coin-op and drop off service. Business has been in existence for at least 10 years. Location is within 15 miles of a mid-size metro in the southeast. Doesn't include the real estate, but includes takeover of their lease (I've requested the details and terms of the lease; await data). They are also willing to consider some owner finance.
My question - do you have experience with laundromats?
If so, is this a "high-touch" biz, with alot of machine maintenance and other hassle? Or can it be setup to where its low maintenance?
Any other input on the laundromat biz industry is certainly welcome. Thank you!!
(Pardon me - I'm just that green when it comes to this sort of biz)