Awesome goal! Let me know if I can do anything to help! This is your year!

Go for it Catherine! You can do this

I've been thinking about owning one for a while...then I come across you awesome amazing info...I want to learn how to get started...I see financial freedom

I missed this comment but awesome! And go your building your channel!!

Thanks Norbert! I appreciate that! Hope to run into you at some point in the near future

So I think I can buy the real estate when I sell something else using a 1031 exchange

Norbert, do you still own shops yourself?

Hey congrats! Love to hear that! Keep me posted on how it’s going!

How much money did it take to get started up? And how much are you charging per machine? I'm thinking of getting starting one up?

How much did it cost to get you started . It's my dream investment plan but having it work in Africa takes years to Achieve but I won't give up

Well hello there! I hope you busy counting your profit. We’d appreciate a real life check in. How’s it going?

@@stefaniaolivier7489 it’s hard work nothing it’s easy in this business don’t be fool..

Let me know if I can be of any help!

Hey Terry, did you ever end up buying one? If so how is it going?

@@LaundromatResource how do we get in touch?

Awesome! Let me know if I can be of any help!

I’m curious if you’ve made this a reality?

You’re absolutely right, if you don’t also own the land. That’s why a good, long lease is crucial and is your most important asset in my opinion. Thanks for talking laundromats with me! Let me know if you ever want to come on the podcast and talk laundromats with me. I think it would be good!

Thank you for your invitation! I'm only good at what I do and my business approach may not be good for everyone. Continue with your success!!

@@kennethw853 let me know if you change your mind! Thanks for the conversation on here!

This is an awesome goal! Stay in touch. I’d love to hear more about this and what obstacles there are to making this happen

@@LaundromatResource I believe the biggest obstacles for any investment in a country like Haiti is political instability and also the other guy doesn't want any competition. In this case, In a city of 400,000 people there aren't any laundry mat facility. My dream would be is to start with 1 commercial cryer and 1 washer. I think just starting with a dryer to start off would be a test. Sometime people are afraid to changes, especially when they do not understand the process. To wait all day for your clothes to dry, when it can be done in 30-45 minutes would be a huge time safer for most Haitians. Plus, during rainy season, clothes get washed twice. I guess getting a dryer to Haiti would be the first step, but I need to study and learn about what will it take to put a dryer near a street front in the city to see who will come get their clothes dry. I would love to connect, if you want to chat more please email me: sesthil@gmail.com

The women will become depressed.

Yeah dry cleaners got hit hard this past year, but laundromats generally held up pretty well! The coffee shop is a great idea!

Maybe instead of the dry cleaning business you can turn that into a pickup and delivery business? Could compliment the self serve laundry side well!

@@jamesberry3586 yea some places charge per pound and have a few ladies folding all day

Much appreciated!

Keep me posted on your progress and let me know if I can do anything to help!

Let me know if I can answer any questions for you!

It's definitely possible to own one in your twenties. Check out this interview with Mason. He's 21! kzfaq.info/get/bejne/qc6BjN2lq9SaYKs.html

Welcome aboard!

Great idea! I’ll add that!

Sorry, I just saw this. The basics of choosing a good location are that you generally want to be in a visible, easily accessible place where the people who need your services can find you. For a self-serve location, that generally means being near renters, so apartments, colleges, etc. Visibility is a huge deal so on a main road is better. Good signage is crucial. Plenty of parking is important. And, depending on where you are, population density can be key. I have a blog post a while back on the website that breaks a good location down a bit more if you're interested.

Or Tesla or Bitcoin

I guess my point is, not too many customers are looking for a certain brand of laundromat in a similar way to customers look for a McDonald's, for example. There are definitely chains, but their presence in and of themselves doesn't mean single store operators can succeed. But your point is taken

I’m in Raleigh suburb. Wash house is everywhere. But, there are still opportunities around Wake county

You don't need a business license in most places until you actually buy your laundromat. And when do need to get a business license, usually you do that from the city.

Just wrote this bad boy last week! laundromatresource.com/the-definitive-guide-on-laundromat-due-diligence

Hi Birdi! Sorry, I just saw your comment. Feel free to book a free call on the website and we can Zoom or Skype and talk if you would like. LaundromatResource.com/coaching Hope to talk with you soon!

Let's talk sometime from Capetown South africa ⁉️

Represent! Haha, thanks

Haha living up to your name, I love it. There are owners who own 100+ stores. Not many but there are some. But there are also some difficulties in this business that have prevented that from being feasible in the past. But a lot of those issues are being solved. For example, most laundromats are still cash businesses so collecting quarters for 100 laundromats is impossible for one person. Technology and more savvy owners/investors is making it more possible to manage more stores. We’re also seeing more franchises trying to take root than ever before. This industry is changing rapidly right now and I think larger portfolios will be more common going forward

Wow! Keep me posted if you end up doing it!

I would say in general you don't need to be worried about that. However, there may be specific locations where self-service laundries aren't as in-demand as they used to be, such as gentrified neighborhoods. However, in that situation drop-off and pick-up and delivery opportunities may be lucrative.

I would recommend finding a good machine distributor that will service your area and work with them on what you would need to do in your area. That's a small town so you definitely don't want to overbuy or over-build.

Haha, it's pretty common in laundromats, especially unattended ones.

I bought a mom and pop laundromat and put new machines in it. Bought the laundromat cash and financed the machines 100%

​@@LaundromatResourceIs there a site to find mom and pop shops? Or just have to hunt them down?

caidwi211 bring 'em on!

5-10 hours per week now. More when I first started though

@@LaundromatResource how long did you have to spend a lot of time in your laundromat before you was able to spend less time ?

@@shareefisblessed4338 probably about 6 weeks

@@LaundromatResource thanks for your response and willingness to share information.

Raul P. Great question. You can find used machines on Craigslist sometimes, but you’re probably better off working with a distributor. Speed Queen, Huebsh, Dexter, Continental are some of the major brands in the US. You can google them for your area and find them.

@@JordanBerry Awesome!!! Thank you.

It really does depend on the laundromat you buy, what the down payment terms are, what kind of laundromat you want (fixer upper, turn-key, etc), and more. You CAN get one for zero down, but you'll likely still need money for deposits, improvements, etc. I hesitate to throw out a number because it can vary so wildly. I know that's not super helpful...

💯

Thank you too!

Awesome question. In terms of if your town needs more or not, it comes down to population size. I'm in LA so we look at the population density within a mile of the laundromat. We like to see 10-15,000 people within a half a mile and 50,000 people within a mile of the laundromat. If you are in a smaller town or more rural area, that radius will probably expand quite a bit and the number of people could be drastically less. But, like you alluded to, putting in a newer/larger/nicer laundromat that keeps the customer in mind first could be very successful even if there are technically enough laundromats in your town already.

Why are you telling people about this?

Your machines should last around 12-15 years so there is still time left on those machines

Awesome! Seller financing or partnering up with a family member/friend or a real estate investor are probably your best bets

Let me know if I can be of any help

Sorry, I missed your comment. Google "commercial laundry card payment systems" and you'll have some options there. There are mostly just 3rd party systems right now, although some of the new machines do have an app payment system.

Honest opinion do you think it would be good to have coin and the option of a card?

Awesome! Let me know if you get a laundromat in South Africa!

I think it will hurt a lot of owners who don't respond accordingly but it's important to keep your prices in line with those rising costs

I have Speed Queen and Dexters. I’d recommend both

How do you know? :)

How do you know?

@@LaundromatResource One of my room mates would wander around the house in full costume, head to toe, every once in awhile. I can tell you seeing this before you have had your coffee.... is a bit shocking 😱

@@kennethmulongo6341 See above reply 🐬 Haaaa!

but can you explain that tax part again

Thanks for the feedback

Get a Bluetooth headset and occupy yourself with something that you can do without thinking while you listen.

It could be, it's hard to know without more information. You could try using the analysis calculator on the Laundromat Resource website to see how good of a deal it is!

Great idea! I’ll work on that!

It’s generally not recommended that you lease machines for laundromats. Financing terms make it more profitable to buy with financing than to lease, plus you have an asset to sell and a limited payment term on the loan.

Ryan Keenan I work an average of maybe 3-5 hours per week at my laundromats. I don't currently have another full time job but I have had a full time job while owning both of my laundromats in the past. It's definitely doable

Count yourself blessed! Many people don't have them still. A lot more than you think. And many people who do have them still use laundromats to washer larger items. And wash/dry/fold and pick-up & delivery services are growing rapidly right now. Lots of ways to make money in this business!

Not sure I understand the question. Are you asking how much money you need to start?

Glad it was helpful!

Glad it was helpful!

Awesome question! The answer to it is that it's very difficult to do. Doing proper due diligence is critical. I would say just as critical is having someone on your team who knows the business and who knows what to look for, what questions to ask, and what the red flags are. It's impossible to say if 16,000-18,000 CC water per quarter is good. It's going to vary on location. And honestly, the cost of water only plays a factor into the vend price of a wash, not on whether or not a laundromat is profitable.

Awesome! I'm not sure where you'd buy machines in Africa. I'd probably start with Google...

You can if you have the money to put down for both. I would speak with the specific lender(s) to see how the loans will affect each other. My guess is that the home loan will be more affected by the laundromat loan than vice versa so you may be better off buying the home then the business.

Do it!

Great question! I'm going to make a video on this because this is the key. The answer is that it is not easy. But by doing coin counts, and calculating water usage, as well as observing traffic patterns in the laundromat you can get a feel for how well the store is performing.

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.

I do a free live webinar every week that you can join. Sign up at laundromatresource.com. The signup form is at the top of the page. This week's topic is How to Buy Your First Laundromat!

I own 2, in contract for 2 more and buying aggressively :)

@@LaundromatResource cool! There is this guy on KZfaq saying he gets people laundromats for free? Just gotta pay him to negotiate the lease. Do you buy then re-tool? Thanks

Thanks! Me too!

Yeah, there have been many attempts at chains and franchises. Not many have cracked the code yet!

Cam that's the goal!

Like Starbucks which hasn't paid any Taxes in 10+ years .. or Billionaires .. lol

There are. I have interviews with Chris Michalek and Marc Stern on this channel that both have companies that lend specifically on laundromats. Check them out and feel free reach out to them!

i will thank you so much!

I don't know about that in particular. Great question though. I do know that everyone needs laundry done, but I would assume business would be pretty seasonal there. Might be good to ask on our forum and see if anyone else knows! Laundromatresource.com/forums

There are tons of resource and lot's of free information at laundromatresource.com

Laundromats have remained open pretty much everywhere during the pandemic. While many businesses have decreased, most are still able to operate and support themselves. They are relatively stable businesses. Many machine distributors host free classes to teach you how to repair machines! It's definitely worth your time to go to those if you're planning on repairing your own machines. Best way to contact me is through my website. Book a free call at: laundromatresource.com/coaching Hope to talk with you soon!

Glad to hear that!

Nice

Thank you!