All Forum Posts by: Ken Barrett

I have 5 Laundromats, WDF and Pick Up and Delivery services. Looks like you had a rough start but it's coming around. I shutter a bit at the "none of it could have been predicted" statement. 60K is a big chunk of cash.
Yes, there are many items that can come up but as with house flipping and other renos the small signs can be missed.

What items caught you by surprise?

I know an investor that is looking to work with a man on the ground. Personally, I am a Laundromat Guy and the numbers need to work or I'm not passing it along.
PM me if you want to discuss more details.

My first question is... Why is it for sale? Sickness, divorce or moving are really the only valid reasons to sell one that makes money. And even moving is questionable.

That is correct. If you did hook them up based on the Laundromat the money would be deposited in their account.  You would still need a method to add money to the cards. 

What brand are the machines? It's possible to convert them with the right faceplate. Places like Parts King dot com will be able to get you the right parts.

Another option would be to install an app based system like Clear Token. This eliminates any money in the machines and reduces vandalism. Also people aren't worried about having enough coins.

A Laundromat without a lease is a truck load of used equipment. Overall this sounds like a bad deal to me. 

How old are the machines? How much is spent on repairs? Does the owner do their own repairs? How much time can you put towards doing repairs? Paying a Service Tech $100+ to come out an un-jam a quarter will wipe you out.

I own 5 Laundromats and although it's flexible I still spend time each week working on repairs and upgrades.

There is an option for this store that I'm not going to post publicly but at the end of the day it will not be as passive as rental properties. More like a motel then an apartment building.  

The easiest method is to contact a laundry equipment distributor or route operator. 

Normally they provide the equipment and do all the repairs. 

You provide the space and utilities. The income is split 50/50. 

Agreements are usually about 5-7 years. 

As an alternative you can buy the equipment yourself through a distributor or Lowe’s has some basic sets as well. If you or someone else is handy with repairs this might work but if you have to call a service company expect at least $100 to show up plus parts and additional time. 

Route operators have their service techs do the collections so they are able to do repairsat the same time. 

Two different industries.

I own 5 Laundromats and a Laundry service and a couple of rentals. 

About the only similarities is that it’s not a 9-5 job. 

@Christina Linn  All of mine are 24/7 but only one has attendants from 7-6. That’s where we do our Drop off. 

Laundromats are great. I have 5 of them and I’m open to any questions. 

A lot of my info is posted on Laundromat How To dot com. 

They have some challenges but in the right market and the right amenities they do well. 

That's been my main business for 9 years. I own 5 of them.
The "dying business" is the crappy, old rundown laundromat. The new Laundromat Industry is building clean, new businesses and running them like a business and not a hobby, and spending more than $800 on a top load washer.

For many years the owners ran them as if the customers had no choice of where to go so they just "showed up and collected the money". 

Do some research, join the CLA and the LaundromatHowTo Facebook Group and webpage, ask questions and learn about what it really takes to run them.