I am 79 & very interested in increasing my cash flow. I ran a car wash for over 14 years which is a similar business, Keep machines at peak, do the vending, & buy the RE if at all possible. I am under the impression that a business can be bought for low or no down payment with seller financing at around 6% interest. Tax benefits & continued monthly income for the seller.I need to improve my cash flow ASAP.
@catherinehoward94972 жыл бұрын
I know your video is 2 years. I have wanted to own my since my early 20. I am in my 50"s and I still have a burning desire to still pursue my dream. I will continue to listen to your videos. I know I'm in the right place.
@LaundromatResource2 жыл бұрын
Awesome goal! Let me know if I can do anything to help! This is your year!
@beezilla872 жыл бұрын
Go for it Catherine! You can do this
@tanyagreen20532 жыл бұрын
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
@MichelleFondinAuthor2 жыл бұрын
I just came into some money from my father's estate and was looking into passive income sources. I had a bed bug scare (not real) but that forced me to spend a lot of time in my Southern CA laundromat, which was under new ownership and being 100% refurbished. After hours and weeks washing everything I thought to myself, this is a great way to have passive income. Then I spoke to the contractor and he filled me in. I am thoroughly convinced that this is the right business to be in as a KZfaqr who is still building my channel.
@LaundromatResource2 жыл бұрын
I missed this comment but awesome! And go your building your channel!!
@norbertcardenas1876 Жыл бұрын
Jordan, you are spot on with this information. I purchased my first store in 2012 after retiring at the age of 50 and this would have been very helpful information back then. I am now a regional sales rep for Alliance. It's videos like yours that are opening the eyes of many corporate types like myself to get into the industry and generate life changing wealth. Keep up the good work!
@LaundromatResource Жыл бұрын
Thanks Norbert! I appreciate that! Hope to run into you at some point in the near future
@ginalowe910310 ай бұрын
So I think I can buy the real estate when I sell something else using a 1031 exchange
@dereksmith60977 ай бұрын
Norbert, do you still own shops yourself?
@onestoplaundry50043 жыл бұрын
I purchase a laundrymat about 1 month and week ago with 30 dexter dryer and washers combine the laundrymat being around for like 30 yrs lots of work but I think I made the right decision for me and family!!
@LaundromatResource3 жыл бұрын
Hey congrats! Love to hear that! Keep me posted on how it’s going!
@Strongisland4353 жыл бұрын
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?
@tatendaconstance30052 жыл бұрын
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
@stefaniaolivier74892 жыл бұрын
Well hello there! I hope you busy counting your profit. We’d appreciate a real life check in. How’s it going?
@onestoplaundrylaundrymat28982 жыл бұрын
@@stefaniaolivier7489 it’s hard work nothing it’s easy in this business don’t be fool..
@terryrl2 жыл бұрын
My business partner and I have been investing in real estate since 2008, but now looking to diversify in businesses. Since COVID, we realize traditional business like restaurants, bars, coffee shops, etc won’t fair as well (at least here in Toronto) but see laundry as a good stable industry. Look forward to watching more of your videos.
@LaundromatResource2 жыл бұрын
Let me know if I can be of any help!
@andrewmorgan12022 жыл бұрын
Hey Terry, did you ever end up buying one? If so how is it going?
@nag617 Жыл бұрын
@@LaundromatResource how do we get in touch?
@musicmashup4753 жыл бұрын
I've wanted to break the 9-5 rat race for a long time now. I see a laundromat as my ticket to achieve my goal.. Thank you for your help and advice. I've subscribed to your podcast and I am reading all materials on the subject.
@LaundromatResource2 жыл бұрын
Awesome! Let me know if I can be of any help!
@Steve.2112 Жыл бұрын
I’m curious if you’ve made this a reality?
@ZTZ3300112 жыл бұрын
This is such a great video, from a business perspective the best I have seen on Laundromats. I agree about #10, I have a background in real estate and there's no way that I would get into this business without owning the real estate. If the returns are 20-30% without owning the real estate, with it, I would assume the IRR + the laundromat return is 40-50%+ ?
@kennethw8533 жыл бұрын
One more point I wanted to get across is that owning a laundromat we are only owning the business only. Once the lease is over, the business is finished and we need to put this in mind.
@LaundromatResource3 жыл бұрын
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!
@kennethw8533 жыл бұрын
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!!
@LaundromatResource3 жыл бұрын
@@kennethw853 let me know if you change your mind! Thanks for the conversation on here!
@theetoileshow85873 жыл бұрын
It is my dream one day to put in a laundry machine in my city in Haiti. To this day, ladies with already so much responsibilities to care for the horn has to find a whole day to go to a river or to a water well to get water to their clothes by hand. This would be a two-fold business, service and sustainability through small payment by locals. I do not know how receptive they would be about laundry mat but I think this would be an awesome thing here in Haiti
@LaundromatResource3 жыл бұрын
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
@theetoileshow85873 жыл бұрын
@@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
@papeetechild Жыл бұрын
The women will become depressed.
@davidricardobritosanchez9382 Жыл бұрын
Really helpful! You have mentioned some reasons that was not in my mind. Like the last one. Thanks a lot!
@_eimine_3 жыл бұрын
I was skeptical before, but I'm pumped now! I just met with the owner of a dry cleaner/laundromat facility. As far as I can tell, the dry cleaning biz is dying or dead. But I sure do see the potential of the laundry side! Who knows? Maybe I'd just shut the dry cleaning side down and put in a coffee shop or something! Thank you.
@LaundromatResource3 жыл бұрын
Yeah dry cleaners got hit hard this past year, but laundromats generally held up pretty well! The coffee shop is a great idea!
@jamesberry35862 жыл бұрын
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!
@GODHATESADOPTION2 жыл бұрын
@@jamesberry3586 yea some places charge per pound and have a few ladies folding all day
@LaundromatMillionaire3 жыл бұрын
I 100% agree Jordan! Very well done video and information. ✈️
@LaundromatResource3 жыл бұрын
Much appreciated!
@BillyG8692 жыл бұрын
You’ve got me motivated, Im 76 and happy, healthy, eager to buy a place Ive been watching for years. Its ripe now..
@LaundromatResource2 жыл бұрын
Keep me posted on your progress and let me know if I can do anything to help!
@ErnestoValdezJr2 жыл бұрын
Been looking for information about the Laundromat business... looking forward to view all your videos!
@LaundromatResource2 жыл бұрын
Let me know if I can answer any questions for you!
@kexin57683 жыл бұрын
Im currently 17 yrs old and definitely thinking about owning a laundromat in the future. You think its possible to own one in your twenties? I’m going to be studying computer science in college so i can acquire the money to buy one.
@LaundromatResource3 жыл бұрын
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
@ayostyle57403 жыл бұрын
I’ve been thinking of opening/buying a laundromat, glad I found your channel
@LaundromatResource3 жыл бұрын
Welcome aboard!
@thesolpurpose31093 жыл бұрын
Can you add bullet points of the topics you went over? Might help people copy and paste basics into business plans! Thanks! super helpful video. Subscribed!
@LaundromatResource3 жыл бұрын
Great idea! I’ll add that!
@shanelaws39342 жыл бұрын
Explain buying in cash will have a high percentage on return vs getting a loan.?
@beezilla872 жыл бұрын
I am seriously considering purchasing my first laundromat. I just subscribed to learn more.
@MikeWilliams-fj7nh Жыл бұрын
Because I want a laundromat for people who wants to use maybe their debit card and people who are old school who still want to use quarters
@coreyhenderson38843 жыл бұрын
What have you learned about choosing locations for a laundromat?
@LaundromatResource3 жыл бұрын
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.
@robertroberts52187 ай бұрын
I liked your presentation. I will watch the others in the series shortly. You kept on about net worth. Unless you are looking to get a big loan, isn't that just imaginary worth as it isn't all physical assets or cash?
@ronaldvanengen18873 жыл бұрын
Stocks are a 100% passive investment Buy apple stock and Walmart stock and Amazon and watch your $$$ grow!!
@pauljamieson8033 жыл бұрын
Or Tesla or Bitcoin
@gaidkahercules94549 ай бұрын
hey Jordan new to you page but so far very excited. i do have a question on what the downfalls are.
@Wannakatana21123 жыл бұрын
I often found big chains in Raleigh NC and even other places so not sure I agree with that unless it's a smaller city/town. Of course you could maybe compete with them better, lower prices, more personal service.
@LaundromatResource3 жыл бұрын
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
@kobartlett8 ай бұрын
I’m in Raleigh suburb. Wash house is everywhere. But, there are still opportunities around Wake county
@yansolo12823 жыл бұрын
How do I start? What kind of business license do I need to buy a laundry mat?
@LaundromatResource3 жыл бұрын
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.
@chrisnarine87342 жыл бұрын
Great video - did you have any videos or resources on how to verify the revenue of a laundromat you are looking to purchase?
@LaundromatResource2 жыл бұрын
Just wrote this bad boy last week! laundromatresource.com/the-definitive-guide-on-laundromat-due-diligence
@birdinyoni333 жыл бұрын
Hi Jordan, I am form Swaziland a small country in southern Africa. love love your channel it definitley gave me the much needed confidence I needed thank you. I would like some advice on starting my self service laundry here where there isn't a single laundromats just dry cleaners. I am curious on how I could get a hold of you. Thank you
@LaundromatResource3 жыл бұрын
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!
@danyaaldollie78503 жыл бұрын
Let's talk sometime from Capetown South africa ⁉️
@timfirst35363 жыл бұрын
SoCal representing! Nicely done video and great info - seems a great investment.
@LaundromatResource3 жыл бұрын
Represent! Haha, thanks
@wemustdissent2 жыл бұрын
If Laundromats are such amazing investments then why aren't there large chain/franchised laundromat owners? It would seem like if it was such a good investment someone in the past would have bought up more and more until they formed some sort of chain branding and built an empire out of that through franchising. How come no one has done that with those returns?
@LaundromatResource2 жыл бұрын
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
@buggabee47710 ай бұрын
This info is great. We are exploring opening a laundromat in a rural small town in Alaska. We would have to buy land and build from the ground up. We are putting together our plan…. We will see if we can get financing to make it happen.
@LaundromatResource10 ай бұрын
Wow! Keep me posted if you end up doing it!
@bethanyha-tran13222 жыл бұрын
Should I be worried about the growth of this business as most homes have washers and dryers? Please convince me that it is not the case. Thanks
@LaundromatResource2 жыл бұрын
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.
@tabulaumaru7623 Жыл бұрын
Thanks for the advice,buying or starting my own laundry which one should i go for??
@williamgilmore45543 жыл бұрын
I am moving to a town of roughly 2,000 to 3000 people and I have noticed there are not any laundromats in that town or that County. Could you give me some guidance on where to go to look into starting a laundromat from scratch?
@LaundromatResource3 жыл бұрын
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.
@mikebrickner1701 Жыл бұрын
Cash business is great. My last job was literally to track down delinquent clients for the owner and get them to pay. What a nightmare
@luvvvmoe2 жыл бұрын
should I buy an existing one or learn how to start fresh? the only thing about starting one is idk where to get the laundry equipment, leasing place, and keep it legal and safe
@rhondaprice4805 Жыл бұрын
This was perfect for me. A long time goal of mine. Thank you.
@livingingreenvillenc69043 жыл бұрын
Did I just hear you say you charge to use the bathroom??
@LaundromatResource3 жыл бұрын
Haha, it's pretty common in laundromats, especially unattended ones.
@mr.millionaire4570 Жыл бұрын
I'm finna purchase my first business in a few months How much should I expect to be making from my 24 hour coin laundromat as a first timer if the cash flow is $153,750? In how many times weekly should I be collecting my quarters? And what option can i get for my lease if I want it for five to six years?
@SonPham-hn7rk3 жыл бұрын
What was your initial investment into your first laundry mat? Did you have to buy the business from these mom and pops or did you buy a space and buy all of your own machines?
@LaundromatResource3 жыл бұрын
I bought a mom and pop laundromat and put new machines in it. Bought the laundromat cash and financed the machines 100%
@russty2107 Жыл бұрын
@@LaundromatResourceIs there a site to find mom and pop shops? Or just have to hunt them down?
@robertg1556 Жыл бұрын
How about if I just want to do a hands off approach? Love my job and don't want to quit but want to invest in a side business where I can create more wealth and get more tax advantages.
@caidwi2114 жыл бұрын
Well, I’ve watched them all now. Going to read the free ebook now. I got questions 😌
@LaundromatResource4 жыл бұрын
caidwi211 bring 'em on!
@Dd17297 Жыл бұрын
Electricity water rent gas etc would be around 10K+ or - where I live (most expensive city in the Us). hard to see how it how be a good investment here
@clarkt99253 жыл бұрын
How many hours a week/month do you spend on any single laundromat? Whether it’s thinking about it or working in one?
@LaundromatResource3 жыл бұрын
5-10 hours per week now. More when I first started though
@shareefisblessed43382 жыл бұрын
@@LaundromatResource how long did you have to spend a lot of time in your laundromat before you was able to spend less time ?
@LaundromatResource2 жыл бұрын
@@shareefisblessed4338 probably about 6 weeks
@shareefisblessed43382 жыл бұрын
@@LaundromatResource thanks for your response and willingness to share information.
@raulpenaiii73484 жыл бұрын
Where do you go buy new machines?
@JordanBerry4 жыл бұрын
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.
@raulpenaiii73484 жыл бұрын
@@JordanBerry Awesome!!! Thank you.
@aniscrat Жыл бұрын
How much money do I need to save before starting up a laundromat business?
@LaundromatResource Жыл бұрын
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...
@yvonneanderson26342 жыл бұрын
Awesome video… thank you!
@yvonneanderson26342 жыл бұрын
💯
@LaundromatResource2 жыл бұрын
Thank you too!
@pjuliano9000 Жыл бұрын
Why don’t some of us just form partnerships. Put together laundromat syndicates … form an LLC and get 3 to 4 people to bundle their cash to make a purchase. Then we split the CASH FLOW … or we leverage that to get another. All parties would have to be vettted. That’s SOLVING THE MONEY PROBLEM
@zakiyezdery2 жыл бұрын
If you could go back in time to your first laundromat purchase, what would you do differently or what are some of issues/mistakes that you would avoid? Also, what are some tips for someone who is looking into purchasing their first laundromat? I'm currently working a full time job and was hoping to buy an existing laundromat as a side gig and would love some pointers. FYI i recently subbed and will be going over your other videos. Great videos so far. Thank you.
@JTSmithMarketing4 жыл бұрын
This is quite interesting. Is there any way of calculating if your town or area needs more laundromats? I know there are some laundromats in my town, but I'm not sure if more are needed. Then again, I know I'd make an even better laundromat than any that currently exist in town.
@LaundromatResource4 жыл бұрын
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.
@bob4q2 жыл бұрын
Why are you telling people about this?
@bigshadyfn8273 Жыл бұрын
quick question if a laundry mat got 3 too 4 years old new machines is it better too finance a new machines or ride oout the 4 year old machines for a coupe of years
@LaundromatResource Жыл бұрын
Your machines should last around 12-15 years so there is still time left on those machines
@harikrishnanchandramohan42092 жыл бұрын
@Laundromat Resource. I am fresh out of college and I don't have the finances for the initial downpayment. Is there any other way to structure the finance with zero downpayment?
@LaundromatResource2 жыл бұрын
Awesome! Seller financing or partnering up with a family member/friend or a real estate investor are probably your best bets
@BobHarvey.3 жыл бұрын
This is really interesting and I want to explore the laundromat industry.
@LaundromatResource3 жыл бұрын
Let me know if I can be of any help
@MikeWilliams-fj7nh Жыл бұрын
What's a good website I can look into purchasing Washers and dryers that take coins and cards?
@LaundromatResource Жыл бұрын
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.
@MikeWilliams-fj7nh Жыл бұрын
Honest opinion do you think it would be good to have coin and the option of a card?
@808pera62 жыл бұрын
Would it be more beneficial to lease the property and write it off as a business expense?
@danyaaldollie78503 жыл бұрын
Thanks For this Keep Up The Great content Good Sir Student Here From South Africa 👍🙏❤️
@LaundromatResource3 жыл бұрын
Awesome! Let me know if you get a laundromat in South Africa!
@williamjohns3760 Жыл бұрын
Hi great show! I worry about the rising cost of utilities how has this affected your business? Thanks
@LaundromatResource Жыл бұрын
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
@ricardoGONZALEZ-kg2jf2 жыл бұрын
What kind of machines do you have or recommend
@LaundromatResource2 жыл бұрын
I have Speed Queen and Dexters. I’d recommend both
@donambella84502 жыл бұрын
Hiii I like your video just have this question what do I need to what requirements I need to own a laundromat?
@WhiteWolfBlackStar3 жыл бұрын
OK here's a channel I can relate to. I have thought for years this would be a spectacular way to make money WHILE KEEP THE NEIGHBORHOOD TIDY 😎 Laundromats give people a place to gather while being productive in their most incredibly ridiculous "laundry day" attire 👽 Yeah they make full on Spiderman costumes for adults..... ask me how I know.
@LaundromatResource3 жыл бұрын
How do you know? :)
@kennethmulongo63413 жыл бұрын
How do you know?
@WhiteWolfBlackStar3 жыл бұрын
@@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 😱
@WhiteWolfBlackStar3 жыл бұрын
@@kennethmulongo6341 See above reply 🐬 Haaaa!
@adenreleadetunji91284 жыл бұрын
thanks for this information sir...
@adenreleadetunji91284 жыл бұрын
but can you explain that tax part again
@snypemyers29722 жыл бұрын
This is the first time seeing one of your videos, I subscribed before watching. I am only 8 minutes in and unlike other videos, I keep zoning out and doing other stuff on my computer and then having to rewind again and again. If you had some kind of visuals, (bulletpoint lists?), breaking things up instead of only one shot, it would help impart more information and provide more visual interest to hold an audience's attention. Your information is good, but the way it is presented is not as compelling as it could be.
@LaundromatResource2 жыл бұрын
Thanks for the feedback
@papeetechild Жыл бұрын
Get a Bluetooth headset and occupy yourself with something that you can do without thinking while you listen.
@aSiAnM0nKeY2 жыл бұрын
Hey, I was looking into buying a laundromat myself but the spot I'm looking at is asking 175k but willing to offer seller finance with 30% down, 10 year loan. just wondering if that was a good offer. Still no counter offer yet just looking at it. It's also my first time dipping my toes into this kind of business.
@LaundromatResource2 жыл бұрын
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!
@infini.tesimo3 жыл бұрын
Can you do an update on this for the current economic conditions?
@LaundromatResource3 жыл бұрын
Great idea! I’ll work on that!
@EducationEarly23 Жыл бұрын
Please share with me something new about laundry
@pauljamieson8033 жыл бұрын
What would be the difference in buying over leasing laundromat machines?
@LaundromatResource3 жыл бұрын
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.
@ryankeenan3514 жыл бұрын
Thanks for the great info! How many hours would you say you work at your laundromat? Do you have a fulltime job also?
@LaundromatResource4 жыл бұрын
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
@newviewnc2 жыл бұрын
I got a question….. with most people (owners or renters) having a washer and dryer in their own homes or apartments…. How are laundromats still profitable? Everyone I know has their own.. ????
@LaundromatResource2 жыл бұрын
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!
@user-wy2li9vg8p21 күн бұрын
Thx
@donambella84502 жыл бұрын
What is best lease or buy a laundromat??
@Mason-Dain2 жыл бұрын
What is initial start from zero ? Loan Location Space Equipments Thanks
@LaundromatResource2 жыл бұрын
Not sure I understand the question. Are you asking how much money you need to start?
@mohammadrahman4974 Жыл бұрын
Your video is very helpful ❤
@LaundromatResource Жыл бұрын
Glad it was helpful!
@rhondaclark5335 Жыл бұрын
Thank you
@ted4116 Жыл бұрын
very informative, thanks
@LaundromatResource Жыл бұрын
Glad it was helpful!
@marymelvin777 Жыл бұрын
Awesome video
@theBostonpug3 жыл бұрын
How can you vet out real profit of an exisiting laundromat? If it is uisng 16,000-18,000 CC water per quarter, is that good?
@LaundromatResource3 жыл бұрын
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.
@eyerusalemb33693 жыл бұрын
I am thinking of opening up a laundromat in Africa. Where do we buy the cheapest machines?
@LaundromatResource2 жыл бұрын
Awesome! I'm not sure where you'd buy machines in Africa. I'd probably start with Google...
@aniscrat Жыл бұрын
Can you buy a home and laundromat with financing in one year?
@LaundromatResource Жыл бұрын
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.
@michaeltheus3524 Жыл бұрын
Hey Jordan, I am in the process of trying to purchase a building to turn it into a laundromat. They bank is asking for a Business plan. Do you have a sample of a business plan for a start up laundromat? Also if one of your videos can help me can you link it to me? Thanks Mike T
@Theoretically003 жыл бұрын
I want to do this in san Diego
@LaundromatResource3 жыл бұрын
Do it!
@avaischarania61373 жыл бұрын
When buying an existing laundromat, how can you tell/verify if a laundromat is doing the revenue/income numbers which they claim?
@LaundromatResource3 жыл бұрын
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.
@ericfisher1003 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?
@LaundromatResource3 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.
@richardaddybamflo94193 жыл бұрын
How do I get into the business. Where to start from.
@LaundromatResource3 жыл бұрын
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!
@jonathanlagrope90942 жыл бұрын
How many stores do you own ?
@LaundromatResource2 жыл бұрын
I own 2, in contract for 2 more and buying aggressively :)
@jonathanlagrope90942 жыл бұрын
@@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
@mba4xtf3 жыл бұрын
Great video and lots of value!
@humayunsaeed7143 Жыл бұрын
Do you charge Bulgari Saheb?
@susyquintor5883 жыл бұрын
Love it!!!!
@LaundromatResource3 жыл бұрын
Thanks! Me too!
@neal43342 жыл бұрын
Spin cycle was a large chain laundry company. They went broke because single owner operator laundry’s work better.
@LaundromatResource2 жыл бұрын
Yeah, there have been many attempts at chains and franchises. Not many have cracked the code yet!
@hustleacademy35712 жыл бұрын
Super informative and inspirational
@iviaverick523 жыл бұрын
A properly run business should pay $0 in taxes every year.
@LaundromatResource3 жыл бұрын
Cam that's the goal!
@pauljamieson8033 жыл бұрын
Like Starbucks which hasn't paid any Taxes in 10+ years .. or Billionaires .. lol
@juancdeliotejr54432 жыл бұрын
thank you for your video!! i was wondering is there a special loan company that specializes in laundromat business? thank you.
@LaundromatResource2 жыл бұрын
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!
@juancdeliotejr54432 жыл бұрын
i will thank you so much!
@beverlyhoward3092 жыл бұрын
Great information!
@zacharykankanton34863 жыл бұрын
Do you know how well laundromats do in Anchorage Alaska?
@LaundromatResource3 жыл бұрын
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
@molechaauguste66002 жыл бұрын
Am looking in to buying my first laundromat. Need some help to where to start.
@LaundromatResource2 жыл бұрын
There are tons of resource and lot's of free information at laundromatresource.com
@gilbertnjang63655 ай бұрын
I’m 40 and very interested to own one
@mubarez37284 жыл бұрын
Thanks for the great info. How is the laundromat business during pandemic? Is there classes teaching you how to repair the laundromat machines? I’m very interested to start this business but I don’t know if it’s the right time and also I have no experience in this business. How can I contact you? Thank you.
@LaundromatResource4 жыл бұрын
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!