How to Buy a Laundromat Business
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4 жыл бұрынLaundromats can be one of the best sources of cash flow of any investment out there. The high cash flow potential is a great way to fast track your journey toward financial freedom!
Get the FREE e-book, The Keys to Buying Your First Laundromat: laundromatresource.com/free-e...
In this video, Laundromat Resource Podcast host Jordan Berry talks through everything you need to know about how to buy a laundromat. If you have ever been intrigued by owning a laundromat but didn't know where to turn for information on how to actually buy one, this video is a must watch!
Here are links to some resources mentioned in the video:
To download the FREE e-book, The Keys to Buying Your First Laundromat, for more detailed information on how to buy a laundromat, create an account on the Laundromat Resource website. Join the community!
laundromatresource.com/free-e...
10 Reasons Laundromats Are the Best Investment You Can Make
laundromatresource.com/10-rea...
8+1 Proven Ways to Finance a Laundromat
laundromatresource.com/81-pro...
To join the Laundromat Resource buyer's list, follow this link!
laundromatresource.com/buy/
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Sell your laundromat- laundromatresource.com/sell
Laundromat Resource Coaching- laundromatresource.com/coaching
@tonykaizen 2 жыл бұрын
Video starts at 6:03
@mitchell9169 2 жыл бұрын
THANK YOU god dam
@jayj4439 2 жыл бұрын
@@mitchell9169 🤣🤣
@minutescouldsaveyoupercentormo Жыл бұрын
i hate fruit cake ass dudes that take forever to get to the fucking point. thank you for letting us know
@JCWalling Жыл бұрын
And then 80% of the the rest of the video is spent trying to get you to sign up for his newsletter or ebook or whatever. 🤪
@blkqueenk2717 Жыл бұрын
@@mitchell9169 😂😂😂
@marauder1011 3 жыл бұрын
When you said doctors, lawyers (high salaries) buy laundromats was a bummer but the follow up of me an average joe buying one was great, thanks. New subscriber btw!
@LaundromatMillionaire 3 жыл бұрын
In my experience, laundromat owners come from all walks of life. The best ones are the ones that genuinely care about others and have a lot of grit.
@LaundromatResource 3 жыл бұрын
Haha, sorry to disappoint you initially, but glad you regained some excitement. In this business, average Joes have a great opportunity to succeed! Thanks for the sub!
@victoriac.attorneyatlaw 2 жыл бұрын
fyi I am a lawyer and it's not all that it's cracked up to be, that's why I'm on this page!
@janel9036 Жыл бұрын
To clarify - are you saying being a lawyer is not all it’s cracked up to be? If that’s what you’re saying and you’re here to learn how to buy a laundromat to replace your legal career, good job, sister!
@meeta1008 2 жыл бұрын
First and foremost, thank you, and God bless! I so appreciate the information. I've been searching for informative content on this subject and I'm so happy to have found your channel! Thank you
@Lee-ofar Жыл бұрын
Newbie here, researching laundromat as a first time business owner. Just discovered your channel and subscribed. Much appreciate the positive and encouraging video!
@shakitashontajones 3 жыл бұрын
Thank you so much for everything. I need this in my life.
@WorthyisHisname97 2 жыл бұрын
Nurse here 😊👋 gotta keep doing research guys, and include God in anything and everything you decide to do 😊 !
@LaundromatResource 2 жыл бұрын
Absolutely! But don't forget to take some action, too!
@Baileydaaaababyyyyy Жыл бұрын
Amen 🙏
@oldman6615 5 ай бұрын
Are u able to help miss? I'm interested
@allisonwillcox9393 Жыл бұрын
Thanks so much! This is the best information I’ve found.
@andrewliu817 2 жыл бұрын
I was expecting to learn about the topics you are covering but all I got was “go download my e-book or read my blog post”. At lease give some quick examples like for financing - SBA loan, when reviewing “inflated” revenue - what you should look for - daily/weekly/monthly sales…
@jentryhaskins9189 5 ай бұрын
Facts. I said the same thing. Thank u.
@LaundromatResource 5 ай бұрын
@jentryhaskins9189 this is an old video. There’s a free 3-video course/playlist on here you can watch that has all the info you need to get started. Sorry this one didn’t deliver for you
@manilamartin1001 2 жыл бұрын
I like the way you talk about laundromats. I bought a bad one at first. it was a very big ding. The second one was built from scratch. It took several months though to get it running and my money was tied up for a while. Believe me, the stress was insane. I almost lost my house.
@robertomontes599 2 жыл бұрын
How are the laundry mats doing now?
@friendlytester6861 2 жыл бұрын
What made the first one so bad?
@manilamartin1001 2 жыл бұрын
@@friendlytester6861 It was older with older machines. I couldn't get anyone to fix them. Plus a new laundromat ended up opening across the street from me which I didn't know about. It took out 30% of my customers.
@lesliejames3949 Жыл бұрын
How are you doing now with your laundromat? Appreciate you sharing a downside to your business venture. I don’t see a lot of negatives
@manilamartin1001 Жыл бұрын
@@lesliejames3949 I moved to the philippines several years ago. I sold my laundrymats in LA and bought an apt building here. I am looking for a location to open a new laundry mat here in Manila. A small one only. Maybe 10 washers or 15 max. There are very few self serve laundry mats here in manila compared to LA.
@Romanellochw 3 жыл бұрын
Do you find it helpful or hurtful to the price if the lease is set for 5+ years? Obviously if the lease is low or high it will be simple but if the lease is somewhat average how do you work that into an offer? Does a long term lease help you in lowering the price or does a lease ending in a year or 2 help? Basically, how does that lease effect the ask price of the business? Thanks for all the good info!
@1235garay Жыл бұрын
Hello all! im a newbie here. i have 16 years of laundromat experience. worked at several during the years. been at the current one 6 years+ i have seen things ups and downs i love it tho
@suzysurgent62 Жыл бұрын
how did you start exactly? Did u have good credit or bad? Can I start with no money just a loan?
@1235garay Жыл бұрын
@@suzysurgent62 I am not an owner, just an attendant. Sorry if mislead you
@saycotic Жыл бұрын
Would you do a video about the ins of running a laundromat business? Ie. Getting routine maintenance and cleaning and hiring employees, how much revenue should be spent on these things, and maybe some things like the best way to run a laundromat
@LaundromatResource Жыл бұрын
Great suggestion! I will put it on my list.
@waylonlolotai7525 2 жыл бұрын
It will be easy just to get a metal shed build and equip it with everything you need and open it as a laundry mat. Air and cooling, sitting area, vending machines, atm
@abdraboufamily1223 Жыл бұрын
The whole video is about to go to your website!
@oscareduardo5411 Жыл бұрын
THANK YOU BRO
@kevinstilwell5673 4 жыл бұрын
Wow glad I found your channel I have a ton of questions
@LaundromatResource 4 жыл бұрын
Glad to answer as many as I can
@kevinstilwell5673 4 жыл бұрын
Laundromat Resource what is the best way to reach you
@LaundromatResource 4 жыл бұрын
Sorry, just saw this comment. Laundromatresource.com or, if you want to jump on a phone call, Laundromatresource.com/coaching
@kevinstilwell5673 4 жыл бұрын
Laundromat Resource I just scheduled a meeting for Monday
@JasonDuncan 3 жыл бұрын
Good content. Thanks.
@LaundromatResource 3 жыл бұрын
Glad you liked it!
@sheeshd977 2 жыл бұрын
Is there a certain way to renegotiate how do you go about that?
@NashiraWilson 2 жыл бұрын
Yay I was finally able to get through with signup. Im ready to find what I need financially but Im here
@nikkakillss 2 жыл бұрын
i wanna own a laundromat i live in nyc bunch of those are everywhere not everyone has the luxury of a washer at home they will always be needed and always be around
@caidwi211 4 жыл бұрын
I like you. Your very frank, and I dig how u lay it all out. Including that you got burned b4. I have confidence in someone like that. Definitely signing up for your info. 💯
@LaundromatResource 4 жыл бұрын
caidwi211 hey thanks! I appreciate that! Let me know if I can answer any specific questions for you along the way
@parthivpatel1794 Жыл бұрын
Can you make a video how to open my own laundromat step by step
@richard34urp 3 жыл бұрын
Thank you for your good knowledge. You should make a video of how to finance a laundromat business and what are good resources to seek financing. Thank you
@LaundromatResource 3 жыл бұрын
Great suggestion! I’ll add that to the list. I’ve done two podcast episodes with lenders that are both awesome! Check them out if you want: HTTPS://laundromatresource.com/show24 HTTPS://laundromatresource.com/show31
@THEBIGGESTSCUMBAG 3 жыл бұрын
I'M INTERESTED IN THIS
@LaundromatResource 3 жыл бұрын
Check it out and let me know if you have any questions!
@yasseralsaidi1168 4 ай бұрын
When Americans truly understood my equation thy said try very hard to get a laundry matt
@jawary8474 3 жыл бұрын
Thanks for the free Ed. That’s very nice
@LaundromatResource 3 жыл бұрын
No problem. Glad to help any way I can!
@TedPatrickBaird 4 жыл бұрын
Thanks for the info! Is your book still releasing this month?
@LaundromatResource 4 жыл бұрын
Shooting for the end of the month still! It might get pushed back a week or so due to the current circumstances but it's coming!
@fiorella5717 Ай бұрын
Hi, i tried to download the ebook > i registered > i logged in > i went back to the ebook > and i didnt find any download , there just a message that said “you dont need to register again (???). It takes me back to the pricing page
@michaeltheus3524 Жыл бұрын
Hey Jordan I listened to your podcast with Chris "Money" about finances. It was great. My question to you is, have you ever purchased a used building and gutted it to make a laundromat? I am looking to get in the business in rural towns in Louisiana and two places I looked at yesterday have one very bad or no laundromat in it.
@LaundromatResource Жыл бұрын
I personally haven't as it's difficult to make the numbers work in a lot of places in California, but plenty of people have. It definitely can be a profitable business model.
@hatersgotohell627 2 жыл бұрын
I see on a broker website selling a laundromat they mention revenue and cashflow it says revenue 165k which I understand but then it says cashflow 75k, what is cashflow, is that the same as net income?
@LaundromatResource 2 жыл бұрын
Great question! Revenue = total income. Cashflow = Net Income (technically it’s net income after loan payments and taxes but usually they mean net income before those expenses)
@NoName-ot8kl 3 жыл бұрын
He is a nice guy who genuinely wants to help people. I hope the information in his e-book can help me make wise decisions when buying my first laundromat!
@malcolmjameson8790 2 жыл бұрын
I dont mean to be so off topic but does someone know a method to get back into an instagram account?? I was dumb lost the account password. I appreciate any help you can offer me!
@narelyrivas8114 2 жыл бұрын
@@malcolmjameson8790 im pretty sure you can reset password, and you'll receive a email to reset it
@marwangkhat3756 4 жыл бұрын
Me and my friend are thinking of buying one but we only have 10k and most are 250-500k, we’re thinking of getting a loan and buying one. What are some ways to narrow down the best opportunities
@LaundromatResource 3 жыл бұрын
This might be a good place to start... kzfaq.info/get/bejne/kNqKqbCErJbckqs.html
@LaundromatMillionaire 3 жыл бұрын
Creativity, sweat equity, and grit will take you a loooong ways.
@marwangkhat3756 3 жыл бұрын
@@LaundromatMillionaire thank you
@LaundromatMillionaire 3 жыл бұрын
@@marwangkhat3756 You're very welcome ✈️
@livinwithlt 4 жыл бұрын
Would you recommend buying a struggling one or a brand new one after this recession ?
@LaundromatResource 4 жыл бұрын
There are a lot of "it depends" on that one. In order to successfully resurrect a struggling laundromat you have to be able to change the habits of customers from going to a different laundromat to going to your laundromat. Buying a struggling laundromat can yield a higher return, but also carries a higher risk. Buying a newer one that is stable and profitable carries less risk, but likely lower return potential.
@livinwithlt 4 жыл бұрын
@@LaundromatResource Thanks for the tip!!
@LaundromatMillionaire 3 жыл бұрын
Very well said answer Jordan!
@livinwithlt 3 жыл бұрын
@@LaundromatMillionaire Just subscribed to your channel. Hope to learn some good stuff!
@LaundromatMillionaire 3 жыл бұрын
@@livinwithlt Thank you so much. Hopefully we all are learning from each other! That's the key to success imo.
@MikeWilliams-fj7nh Жыл бұрын
Are there actual companies who come out and help you get your laundromat up and running from the ground up as in putting the bases down the laundry equipment and if so what are their names
@LaundromatResource Жыл бұрын
Distributors can help you with that and can also introduce you to installers
@DeLGuaLLabiTo Жыл бұрын
Links down below!! Sheeeeeesh!!
@John-yt4nm 2 жыл бұрын
Video actually starts at 5:00 if you don’t wanna waste your time with all the babbling
@Mr-C-Codes 2 жыл бұрын
My home is currently in Escrow for my home and after I pay off all my debt and buy a new car I should have about $80k left. I’m in Los Angeles do you think I can buy one?
@LaundromatResource 2 жыл бұрын
Yeah, you can buy one with $80k, especially if you combine that with a loan
@Mr-C-Codes 2 жыл бұрын
@@LaundromatResource What’s the minimum I don’t want to dump my entire 80k.... how much do you think I neeed to put down for maybe $100k laundrymat.
@meg7915 3 жыл бұрын
Do you recommend taking a business course on entrepreneurship course? I have never owned a business.
@LaundromatResource 3 жыл бұрын
I’m a big fan of continued learning so it could definitely help, but I also don’t think you need to. Read or listen to some good business books, listen to good podcasts, and watch educational business KZfaq videos. You can learn a lot really fast that way
@meg7915 3 жыл бұрын
Thank you so much for your help!
@sharonrose6072 2 жыл бұрын
I'm wanting to reopen up a laundromat here in my home town can someone give some advices on getting my first business loan and getting set up license and certified in my state would love to know some information to help me get a small laundromat up and going the laundromat is completely still has everything all the equipment everything still in it but I wanted to go in and do some remodeling and get it back up to code and getting it running again can some give some tips how to approach a bank about getting a first time business loan
@mr.millionaire4570 Жыл бұрын
I have questions #1 where do I go and get a laundromat business license, or do I buy the laundromat first and then I go through expectations then I get my license? #2 how to know if I'm buying a good laundromat let's just say if the gross revenue is $379,000 before taxes and bills and stuff Does that mean I'm keeping a good percentage out of that at the end of the year?
@LaundromatResource Жыл бұрын
Great questions. 1. You don't need a business license until you buy your laundromat. Then you will just get a business license through your city/county. 2. Gross revenue doesn't mean much. The number you need to find is the NET number, or income minus expenses.
@RuebenDye-wy8ex Жыл бұрын
I got a cool idea, Laundromat/Bowlin Alley The washer & dry are at the front of the lanes. You can bowl while ur clothes wash&dry. 😊
@nailsbynicky.oc123 3 жыл бұрын
do we need to have any mechanical experience in case our laundry broken ?
@LaundromatResource 3 жыл бұрын
It can be helpful but definitely not necessary
@nailsbynicky.oc123 3 жыл бұрын
So, what if we need one how can we find them ? Like our go to mechanical for our laundry mat ? Thank you very much
@manilamartin1001 2 жыл бұрын
No, I fixed my machines but you can also just get a contract to fix. They get paid a fortune if you like fixing. I used to fix 3 other laundromat machines. I usually got $150 an hour for labor.
@Trump20-24 3 жыл бұрын
How much do laundromats usually cost to buy?
@LaundromatResource 3 жыл бұрын
It really depends. $50,000-$100,000 for a fixer upper all the way up to $500,000 and beyond. It depends on how much money the business makes really.
@yasseralsaidi1168 4 ай бұрын
This laundry resembles friend ship between United States and Europe and so it needs to look that way
@frozentundra7446 3 жыл бұрын
I signed up to receive your e-book, received a confirming email, clicked on it and it keeps asking me to sign up for the free email???
@LaundromatResource 3 жыл бұрын
Hmmm, I’ll take a look at that. Send me an email at jordan@laundromatresource.com and I’ll make sure you get it. Sorry about that but thanks for letting me know!
@yasseralsaidi1168 4 ай бұрын
Lake shore plaza or stone stown is good location
@bbqworld2103 Жыл бұрын
Hi, great video. , but the link to download the ebook is broken
@LaundromatResource Жыл бұрын
Hmm...seems to be working when I try it. I will look into it more, thanks for letting us know! Maybe it will work here for you: laundromatresource.com/free-e-book/
@bbqworld2103 Жыл бұрын
@@LaundromatResource Thank you, I will try again now… question, for closed laundermats, without good telephone numbers for the owners, how can I get more info about a closed down business, to get In touch with someone to buy it? Thanks
@hwilfley 3 ай бұрын
How do I partner with someone to buy a laundromat. I have one that is interested in selling.
@hemeraldhappy7166 2 жыл бұрын
I own a laundromat, that is exclusive for WASH & FOLD SERVICES, before pandemic was good, now is dead, no clients, and I have not money to pay high Marketing strategies, what I can do, please if you can share one of your great ideas, I'm planning to sale the place, because I use my savings to pay the expenses the last months and I can't do that anymore, thank you, my place is in Montreal Canada.
@LaundromatResource 2 жыл бұрын
Sorry to hear your tough situation. I’ve been there and it’s not fun. I think your options are to either 1. Cut your losses and sell or 2. Buckle down and hustle to drum up new business. That means knocking on doors, going to businesses to see if they need laundry done, offering pick up and delivery, reaching out to past clients to see if you can win them back, promoting your services on social media, handing out fliers, wearing “Ask me to do your laundry” t-shirts everyday, or anything else you can think of to improve that business. But that will mean a lot of time and effort so you need to decide if it’s worth it for you.
@eddiegarcia9675 4 жыл бұрын
any advice on if i should get a loan to buy one. been really interested in buying one
@LaundromatResource 4 жыл бұрын
Yeah, it's a great question. I think it depends on your goals and your situation. If you're trying to get cash flow with as little money down as possible, obviously a loan would be the way to go as long as the business still can flows. I'm a fan of letting the business pay for itself. However, if you have a big chunk of money and want the most cash flow possible, all cash is probably the way to go. I have an article on a bunch of different ways to finance a laundromat if you're interested in checking that out. I'd also jump on a phone call with you if you needed to talk it out. LaundromatResource.com/coaching if you want to schedule that. Let me know what other questions come up. I'm glad to help
@butlertv3058 2 жыл бұрын
No more free coaching!?
@midtownmadnesses 2 жыл бұрын
What do I do when I go on vacation? Who collects all this money and coins lol
@LaundromatResource 2 жыл бұрын
Great question! It depends. It could be a manager, a family member, a broker, or, if you don't have someone you can trust and you're an all-cash business, you may have to plan your vacations around it. I would suggest setting your business up to allow you to have the lifestyle you want. For example, using a card payment system instead of coins
@midtownmadnesses 2 жыл бұрын
@@LaundromatResource thanks for the answer. I guess the question is how long can you be gone for until the machines fill up with quarters that you have to empty before they can operate again?
@richardballentine7103 3 жыл бұрын
What two critical mistakes did you make when buying those two laundromats that you discussed in your video?
@LaundromatResource 3 жыл бұрын
Great question. 1. I relied solely on the broker to buy my laundromat. The broker only gets paid if I buy a laundromat. I recommend having an experienced third party consultant or owner helping you through the process. 2. I didn't thoroughly check for new laundromats going in when I purchased a mat. One opened up and put a dent in my income. Proper due diligence is important.
@mikeabramov1205 3 жыл бұрын
I agree would love to know more about financing a laundromat
@manilamartin1001 2 жыл бұрын
@@LaundromatResource I did that too, put a big dent in my wallet. I did better the second time. I had a company build out a new one. Went with card system and new machines. Made less percentage but steady low maintenance. I also got some financing on the machines which helped.
@houseofmatrix6174 3 жыл бұрын
My goal is to buy a Laundry Mat I just need figure out the logicistics
@LaundromatMillionaire 3 жыл бұрын
Hey House, this can be a great business but take your time and do your due diligence. It's very capital intensive and mistakes are costly. Be well ✈️
@LaundromatResource 3 жыл бұрын
Let us know if we can help figure out the logistics with you.
@houseofmatrix6174 3 жыл бұрын
@@LaundromatResource thank you for contacting me do you have any contact information or email that I can speak you directly
@LaundromatResource 3 жыл бұрын
My email is jordan@laundromatresource.com Or, you can book a free call at LaundromatResource.com/coaching Looking forward to connecting!
@houseofmatrix6174 3 жыл бұрын
@@LaundromatResource thank you Jordan i will definitely reach out
@lilrexy6088 3 жыл бұрын
Hey I heard laundromats should be free and that if a person buys one, you are buying someone else’s failure since no one would sell a profitable cash flow. Is this true? There are ways to get laundromats for free?
@LaundromatResource 3 жыл бұрын
lilrexy I've seen those videos, too :) I have a video about it telling you how it works if you want to check it out. You're only buying sometime else's failure if you buy a failing laundromat. There are lots of reasons people sell their laundromats. I have a blog post with the 10 most common reasons if you want to check that out. There are lots of ways to get in the business and lots of ways to run them one you own them. Just remember to be cautious taking advice from someone trying to sell you something :)
@lilrexy6088 3 жыл бұрын
Laundromat Resource that is true, thank you very much. Also, how much should a laundromat in New York City when it’s bringing in about 4K a month? Some of the prices I see for sell seems too good to be true since it is in NYC not in Texas. Know what I mean?
@LaundromatMillionaire 3 жыл бұрын
Lilrexy, That is a very ignorant statement for someone to make. I'm sure they mean well, but a cash on cash ROI of 30% or higher is NEVER A BAD INVESTMENT.
@stevecurry5055 Жыл бұрын
No - that’s false. People sell profitable businesses all the time. In fact, how could you sell a business that loses money??
@serriegranville2424 2 жыл бұрын
Do you still offer free coaching ?
@LaundromatResource 2 жыл бұрын
i do. laundromatresource.com/coaching
@s.a.9379 Жыл бұрын
Would be good to know if dry cleaner businesses have the same upside
@LaundromatResource Жыл бұрын
Dry cleaners have some of the same upsides but also have downsides. For example, while laundromats were marginally affected temporarily by Covid, many dry cleaners were devastated. They’re not necessary in the same way as laundromats
@s.a.9379 Жыл бұрын
@@LaundromatResource Thanks that’s super helpful - any high level reasons why they took the hit harder than laundromats?
@rickswing8723 Жыл бұрын
@@s.a.9379 my guess would be, since no one was working, there was no need for those expenses considering most dress clothes were not needed.
@fiorella5717 Ай бұрын
Hi, why wouldnt you recommend checking yourself in pages where they sell business? Why would you recommend a broker better? Thanks
@elderinisrael 2 жыл бұрын
I joined your website and I still can't find anyone who would be willing to help me get my own laundromat. I'm a very busy savvy person with some experience in the laundromat business.
@LaundromatResource 2 жыл бұрын
What kind of help are you looking for?
@elderinisrael 2 жыл бұрын
@@LaundromatResource Getting my first laundromat. I have some experience, I was an ops manager at a laundromat years ago and fell in love with the industry. Unfortunately, I have poor credit and I'm also poor.
@suzysurgent62 Жыл бұрын
@@elderinisrael look up how to build your credit for example renting helps but u need to open a credit card so talk to someone at the bank about this, sometimes youtube has good info. I am not sure what score u need to take out a loan just talk to a pro I do know sesame credit is one example
@KC-on6ij 2 жыл бұрын
This should be called “how to plug all my friends and my coaching” you didn’t say anything informative! All you mentioned is your memberships etc.
@LaundromatResource 2 жыл бұрын
Sorry you didn’t find anything valuable in there for you. Let me know if you have any specific questions I can help you answer
@jdspace723 Жыл бұрын
Went to your site. Can’t seem to get access to it
@LaundromatResource Жыл бұрын
My apologies, the site was down for maintenance this morning. It should be up and running now
@Qween23 9 ай бұрын
Hello, is coaching still available?
@LaundromatResource 9 ай бұрын
Yep! You can book a call at laundromatresource.com/coaching
@beansamillion3961 3 жыл бұрын
I've seen posts online from sellers who are willing to finance a buyer with a certain amount of credit and networth. I'm looking at all avenues as I have the initial liquid to put down but not the networth. This process can be a bit overwhelming at times but I am remaining optimistic. I was hoping owning a business actually increases my networth but sometimes I feel as though in order to play you have to be well off/established. Nevertheless I will be reading your ebook for additional insight.
@LaundromatResource 3 жыл бұрын
Not all sellers have a networth requirement. Keep searching!
@beansamillion3961 3 жыл бұрын
@@LaundromatResource will do :-)
@operator0 Жыл бұрын
This sounds like one long infomercial about all the various services that YOU offer. I learned practically nothing from it except that you offer "free" services.
@patricossikari5429 2 жыл бұрын
Free coaching not available
@LaundromatResource 2 жыл бұрын
Still available :) check out the coaching page
@jorgemartinez9468 2 жыл бұрын
Links aren’t working
@LaundromatResource 2 жыл бұрын
Thanks for letting us know. They have been fixed
@minutescouldsaveyoupercentormo Жыл бұрын
i’m getting revenge if anyone finesses me. it’s going to cost them a finger or 4
@sheeshd977 2 жыл бұрын
What if I have a 400 credit score is it possible?
@danielharper2366 2 жыл бұрын
Not a snowball's chance in hell, not with a traditional bank loan anyway.
@716rondo Жыл бұрын
and of course... "go get my e book"
@alking6633 Жыл бұрын
He took 21 minutes to say 7 minutes of information.
@reactionreaper2501 2 жыл бұрын
I need one in Columbus ohio
@johnathansantoni4533 Жыл бұрын
all over the place...
@juggalosquad5027 2 жыл бұрын
So if I was to take a loan out what would that person be called next
@LaundromatResource 2 жыл бұрын
which person?
@juggalosquad5027 2 жыл бұрын
@@LaundromatResource the one who takes the loan out that’s not rich or a millionaire maybe the average joe?
@jaytpharaoh8411 Жыл бұрын
I’m a barber and I’m trying to buy one
@LaundromatResource Жыл бұрын
Love that! Let me know if you ever snag one or if there’s anything I can do to help!
@jaytpharaoh8411 Жыл бұрын
@@LaundromatResource I’ve been following all your videos. Once I get my finances in order I’ll reach out, I need/appreciate the help!
@LaundromatResource Жыл бұрын
Looking forward to it!
@chriscruz4433 2 жыл бұрын
Even at 2x speed this guy did not talk fast enough. Great information though
@LaundromatResource 2 жыл бұрын
lol, yeah, sorry. my wife tells me that all the time...
@ryankeenan351 3 жыл бұрын
Why is the laundromat industry in a bad place?
@LaundromatResource 3 жыл бұрын
I don’t think it’s in a bad place. I think there is room for improvement in certain areas, like accountability for brokers, lack of transparent pricing for machines, lack of information and resources, etc.
@pjt3887 Жыл бұрын
I'm sorry to be contrary but there is no upside to actually owning the laundry mat leasing on the other hand gives you four more tax advantages and you have enough money left over to be able to retool and take that that's a huge tax write-off you also then won't need huge sums of money cuz you're not buying it you're leasing. I'm also surprised you didn't cover wash and fold and other services you can add on to your business to make it even more profitable.
@LaundromatResource Жыл бұрын
I’m not tracking. Are you saying there’s no advantage to owning the property? The equipment? There’s obviously huge tax advantages to owning both of those. I’m assuming you’re making an argument against buying the real estate. I’m all for depreciating equipment strategically but in many markets that depreciation won’t compare to the real estate depreciation. And when you own the real estate you should still be paying rent from your laundromat corporation to your real estate corporation, so I’m not tracking the advantage there. It’s true, it will likely require more money to buy both but if you have the capital and purchase both at logical prices it’s a no-brainer to buy both.
@ericfisher100 3 жыл бұрын
If coin laundromats are so easy to run and they make great cash flow why do I see so many of them for sale? I have seen the same laundromats for sale for the last 3 years in places like Chicago? why? For example, one unit selling for 325K and cash flow is 87k... Why sell it, it's like saying no to free cash flow? Why is the unit on the market for 3 years? what am I missing here? “The old adage, 'If it sounds too good to be true, it probably is'" I am interested in buying a passive income side business, however, I feel that the awesome laundromat business story is not very clear to someone like me?
@LaundromatResource 3 жыл бұрын
Great question! There are a lot of reasons people sell. I wrote an article about why people sell. Here's the link: laundromatresource.com/top-10-reasons-people-sell-their-laundromat/ It's likely one of those reasons.
@ericfisher100 2 жыл бұрын
From Kitten in Mittens - comment was deleted - not cool man. its being sold as a failure. you also have to be careful because many operators do not keep track of their expenses or income at all, and will outright lie to you. They may also leave faucets running in the event someone may want to verify water usage to calculate income that way, because water usage is public info and that is also how the IRS audits laundromats. They may also fill the quarter boxes and show you the laundromat on a sunday (the busiest day) where most laundromats do half their weekly profits... most people who own laundromats have zero clue what they are doing and they rush into commercial leases with zero knowledge. "Buying" a laundromat means buying someone else's failure, in the vast majority of cases, no one is going to sell a successful cash business. There are plenty of "reasons" but none of them are good, do your due diligence, do not BUY laundromats, you will never see a ROI if you do.
@tommyjones1357 Жыл бұрын
Assuming people in IT are high earners. 🤣
@harrypottre4611 3 жыл бұрын
Here are my biggest questions 1. If the industry is such a cash cow, why is anyone even selling? 2. Why wouldn't you just buy up all that you can instead of giving the knowledge away, which increases competition? These on honest questions even though they may seem harsh.
@JPmotion 3 жыл бұрын
Because they bought someone’ else’s failure and can never recoup their cost for buying it. Most people don’t know how to run one efficiently
@sprankthetank 2 жыл бұрын
if he lives in montana and you live in indiana, do you really think hes your competition? come on.....think smarter
@manilamartin1001 2 жыл бұрын
I bought and sold a couple of laundromats. Machines are expensive especially upkeep. Some just want to cash out. The first one I bought was $500k and the second I put up for $350k. They are expensive upfront.
@mrrobinson10 Жыл бұрын
I've been waiting on someone to return my emails. I've paid for the membership and reached out for help, only to be ignored. Hopefully this will get a response.
@LaundromatResource Жыл бұрын
Hey man, I’ll check to see what happened with your email and get things taken care of asap. Sorry you’re having trouble with the site but I’ll get you sorted
@mrrobinson10 Жыл бұрын
@@LaundromatResource thank you. I refreshed our email thread so it should be easy to find.
@terrypatterson8547 Жыл бұрын
How to Buy a Laundromat Business. But first listen to me ramble on for 5 minutes.
@LaundromatResource Жыл бұрын
Yeah, I hear you. Not my best video but one of my first. Check out the new 3 part series on how to buy a laundromat if you want more details more succinctly.
@suzysurgent62 Жыл бұрын
CAN ANYONE FILL ME IN ON THE PART OF HIS BOOK THAT EXPLAINS WHAT THE BROKERS FAILED TO EXPLAIN TO HIM ABOUT THE BUSINESS THAT ENDED UP COSTING HIM?????? HELP LOL
@alexjflow 3 жыл бұрын
3 min in and we still haven't talked "how". Just talking about other videos.
@LaundromatResource 3 жыл бұрын
You’re a realtor, you know “how”. Find a laundromat for sale, make an offer, verify the income and expenses, and close. 😉 The other videos are tools to help people who truly don’t know “how”.
@alexjflow 3 жыл бұрын
@@LaundromatResource just making an observation. whats the best way to find them?
@LaundromatResource 3 жыл бұрын
@@alexjflow laundromat or small business broker, Google “laundromat for sale near me” and call the listing agents of those laundromats, and direct mail or just talking with owners for off market deals. Also looking for closed down laundromats and negotiating a lease with the landlord. Those are your best bets
@jasonworden1599 Жыл бұрын
The author offers no real advice on the issues that he encountered. He just keeps pushing you to his website for more information.
@michaelbatista2869 2 жыл бұрын
If you "buy" a laundromat then you're doing it wrong.
@LaundromatResource 2 жыл бұрын
Lol. Hope the kool-aide is refreshing
@The_simple_way Жыл бұрын
Please get to the point on how to purchase one as the title says instead of dancing around the words an advertising your other videos
@gregbieniecki7729 4 жыл бұрын
way too much babbling The title says how to...... not listen to me babble about laundrymats. Change the title to this video to listen to be ramble about laundrymats. And push my web site and e book. You said almost nothing about how to buy a laundrymat C’mon. So disappointed
@LaundromatResource 4 жыл бұрын
I appreciate the feedback. Succinct is not my strong suit haha. But definitely an area to improve. Thanks for the input
@hulksmash6858 3 жыл бұрын
Or don't watch the video if all you are going to do is complain.
@Jerryseinfeld44 Жыл бұрын
So many words. So little information….
@mikerankreviews 2 жыл бұрын
This video was not very helpful instead of telling us about all the links in the description and on your website maybe actually take your time and make a video on that
@LaundromatResource 2 жыл бұрын
Sorry to hear you didn’t find value in it. Go check out the free mini course I just posted this week on how to buy a laundromat. It’s very practical
@MA-fk5ot 2 жыл бұрын
Ur just advertising I’m disappointed
@LaundromatResource 2 жыл бұрын
Advertising what? I don't sell anything :)
@BrianDaveyBlackThunder 2 жыл бұрын
he said nothing about how to value a laundromat business.
@LaundromatResource 2 жыл бұрын
How Much Is a Laundromat Really Worth? kzfaq.info/get/bejne/ZsBjntZ909XGkYk.html We have a few videos on how to value a laundromat. Here’s the latest.
@sikwitit2494 2 жыл бұрын
This ain't nothing but a long azz boring commercial.
@abduljackson168 2 жыл бұрын
Whole video was a promotion
@LaundromatResource 2 жыл бұрын
Promotion for what? I don’t currently sell anything :)
@shrijl Жыл бұрын
Dude is here just to sell his service NO VALUE
@LaundromatResource Жыл бұрын
Sorry to hear you didn’t get any value out of it. Let me know if you have any questions that didn’t get answered in the video. I’d be glad to answer them for you. Also, I didn’t mention one thing you can buy from me in that video because I didn’t have a single thing to buy for almost two years after that video 😊
@anonymousn1nja Жыл бұрын
this video is a waste of time. could be 4 min
@luvvvmoe 2 жыл бұрын
bruh get to the point!!!!!
@LaundromatResource 2 жыл бұрын
😂 skip it forward. I hear you
@stephaniesmith4832 Жыл бұрын
I do not recommend this video
@LaundromatResource Жыл бұрын
Sorry to hear you didn't get any value from this video. I did just create a free, 3-part mini-course on the channel on how to buy a laundromat. Perhaps that will give you the information you're seeking on how to buy a laundromat. Here's part 1 if you're interested: kzfaq.info/get/bejne/r5mZdaiit93bqac.html
@rociovelasquez9894 Ай бұрын
you are so boring to listen to
@LaundromatResource Ай бұрын
Thanks?
@kandacec4973 11 күн бұрын
Get to the point you talk a lot about nothing
@Haze508 6 ай бұрын
10 minutes in and there’s not one piece of valuable information. Besides, I’m trying to pump other sites wast of time.
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