Lease or buy a commercial washer/dryer? Pros and cons?

[Trevor Levine]

I own and live in a triplex with 6-7 residents. My plumber just installed laundry plumbing and a gas line in our utility room. There will only be one stackable washer/dryer for all residents. So if something breaks, I'll need it fixed right away. On this basis, do you recommend leasing or buying? 

Leasing a Maytag laundry center from Wash.com would cost me $100/mo, but reviewers say they can take weeks to come out for repairs.

A local place called Mission Laundry Equipment can lease me a Speed Queen laundry center for $110/mo, or sell it to me for $4,299 (actually $5,450 with all taxes and fees for delivery, installation, and setting up the credit card system). They have almost no reviews.

With 6-7 residents, how often should I expect to need repairs? And do you recommend leasing or buying?

[Dustin Tucker]

Hello Trevor,

Why do you give the tenants in units 2 and 3 the access to use your laundry facility?

Why wouldn't you just install 1 of these units in units 2 and 3, and they buy what you want for your personal use?

https://www.homedepot.com/p/Whirlpool-1-6-cu-ft-Electric-Sta...$1599 combo unit at Home Depot.

I would look for a local laundry facility and go talk to the owner, those guys can tell you what machines work and which ones don't.

[Alecia Loveless]

@Trevor Levine I bought a 4 plex with a commercial washer/dryer. Not sure what brand. They are obviously older machines because the cost per load is only $1.00. I probably profit about $0.50/load based on my cost of water and electricity.

I have only owned the building 4 years but suspect the machines are at least 15 years old.

I have only required service once and just hired the local appliance repair guy who came and diagnosed it and ordered the part and had it fixed in about 5 days.

I think the cost was $350.

It’s more of a benefit to the tenants than a money maker.

I probably bring in about $400/year.