Investor · searcy, AR · Member since 2016 · 147 posts · 111 votes
Investment Info:
Other commercial investment investment in Searcy.
Purchase price: $200,000
Commercial coin laundromat. This was the purchase at the end of the 4th year into a commercial NNN lease.
What made you interested in investing in this type of deal?
I saw the laundromat potential from the small laundromat in my 10 unit multi family property.
How did you find this deal and how did you negotiate it?
Driving for dollars! The place had been shut down for several years so we didn't have the number to show the bank to make a commercial loan work so I signed a 5 year NNN lease on the property to get my own numbers to bring to the bank.
How did you finance this deal?
20 year amm, zero down.
How did you add value to the deal?
I added value to the deal by creating a business where none existed.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
@Dustin Lavender Awesome work! I own a couple of laundromats and I’m pretty connected in the industry. Let me know if you have any questions that pop up or need to connect with anyone in the industry
@Jordan Berry thanks! I appreciate that. We’ve been in it around 6 years now. I’m CERTAIN Cali side of things is much different. We have no water restrictions over here, so I’m running old dinoasaur h2o guzzlers. About to upgrade though.