You have a first class laundromat; the best I've ever seen.👍

Your video looks good. Also small suggestion you can post the expenses on the side of video

why do most laundromats have a bills to coins machine, but the machine does not also do coins to bills? i can develop a machine to handle this for you. in fact. it may be beneficial to remove the system of putting coins into machines altogether. it now scans a paper code, at the machine, and credits you for the time. or you can go paperless, and control the washing machine with an app. with this system, it removes coins altogether, and eliminates the need for going to banks etc. or use a dual machine that despenses coins for bills, but also dispenses bills for coins. that way your not worrying about "loss of coins" etc.

Interesting stuff! I randomly saw part one in my feed. I'd love to see a follow up on this. Wondering how business is now and how much he's involved in the business today. I'm still watching, but I'm curious if he has gaming machines. I've always heard they did pretty well, but I don't know if that holds true today and could see the space might be used otherwise.

You can buy vending machines all day in marketplace

Yes, me too totally agree with your view. The owner is generously sharing all the truth about this business. Let us bless him well. Jay, Singapore

thank you! Yeah some owners dont want to share that info.

For a business like this, it's actually wise not to disclose that. At any one time, laundromats has a lot of money - cash money - relatively speaking to retail brick and mortar and tend to be overlooked as potential targets (probably because most subconciously equate laundromat with coins?). If customers learn that a laundromat (which does not have security, generally no staff in store) has become a target, then they'll stay away. Then there's advertising to potential competition if they know exactly how much an outlet is making. Anyway, this was a great coverage, kudos to UpFlip. _P/s: I'm an existing laundromat owner of 5 years._

When all's said and done, extrapolated over a 10 year cycle (allowing his machines to depreciate and break down), he's making about the equivalent of $70k/year, no more.

@@drott150 I would’ve said 71k but I guess 70k is near enough, well done.

@@mrbachittarsingh9243 Yeah, but if he does roll the profits into other laundromats it can grow from there. But his time allotment will grow as well. He will work for the money he earns, but if taking orders from a boss ain't your thing, then working as a laundromat manager can be your escape.

It definitely is nice!

Beautiful laundromat

The breakeven on that capex is going to be a LONG time from now.

never seen a laundromat so nice and clean

Did you end up starting a location PJT?

Very interesting insight.

Glad you enjoyed the video!

Exactly I kept waiting to hear him say what his profit is but he never did.

Agreed! I think his profits are slim.

I like watching investment joy channel better because he tell you exactly what he makes per month

Yup. Don't mention anything about how much you can make with a laundromat in your video title just to get people to watch your video if that's the ONE thing you aren't going to share. He didn't even have to say specifics, just ballpark figures what kind of profit a laundromat similar to his can make after expenses. Very misleading...

yeah, and didn't see any customers

Thanks for watching and supporting our channel! ☺️

Private businesses sell for 7-9 times owners earnings.

@@manfredadams3252 Private businesses sell for 2-3 times the total sales of the company in a given year.

Then you would be referring to ROE and ROA. Nevertheless balance sheet is as important as ROI (Profit and loss). They key to that business is high debt to equity ratios.

Reminiscing childhood memories... 😀

Laundromat experiences and business ownership will certainly vary widely by location, business set up and demographic. Thanks for sharing your own experiences Paul.

15% not 50%.

@@madhavyu he said fifty.

Exactly! I watched both videos and never got my answer.

Based on info provided its over 59,000. How much more over I can't say.

That means that how much it costs in utilities and how much it costs to pay employees he only makes 50% of what it costs each month to run the business. That does not cover the $1,000,000 it cost him to open the laundromat. To put it bluntly he is $1,000,000 well $500,000 for him and $500,000 for his partner and then they are loosing half of what it costs to pay the utilities and employees each month. To put this bluntly it is not a money maker.

Thanks for watching Google User. Typically, a machine last 14 years or 5000 cycles depending on use. The cost would depend on rather the machine can be fixed or has to be replace. Would you ever consider opening a Laundromat?

You have asked about cost, which is fixed at retooling, operating costs, which are fixed, and parallels # of laods, tax considerations, again a fixed program, and maintenance, which is a sliding scale. Did your last new car cost the same to maintain the 9th year as the 1st? Did ANY new car in your city? Why should any business heavy equipment? Bu conversely, the 2nd monthly payment was the same as the 55th. Your algorithm will be most efficient at 7 years, pursuant to the tax cycle. If the retool cannot be funded over a 70-80 month note, don't do it. The heavy weights in that finding are tax schedule, and maintenance schedule. Utility volume should remain appx. the same, so many gallons, so many feet of gas, so much electric, but the maintenance will CLIMB, as the tax write off ceases. When the tax schedule closes, you will need to start that schedule again, and that means new machines, which means no to low maintenance for the year, once again.

This is very true...

We literally have a small laundromat that is also a cafe/restaurant itself. It does attract the customer to order some drink or food while waiting.

Austin, TX has/had..."Suds and Duds". Don't know if it is still a business.

Long ago - 1970s - I went to school at Syracuse U. On Burnett Ave. (I believe) there was a laundromat next door to a bar. Can't tell you how many times we did laundry, hooked up with girls or started winning at the pool table and our laundry was dried to a crisp. We invented what we called "the wrinkled look." Good times and I bet both the laundromat and bar made plenty of dough.

why not just make it a Laundromat & Bar........ "Hey, what you doing tonight?" "I'm heading to 'The Mat', got some nasty skid marks on my undies and I think it will be about 14 wash cycles and 13 pints to get the job done"

Thank you for watching our content! The laundromat is definitely out of the ordinary!

They discussed profit margins in part 1😀

Agreed

@@teamturner3933 He vaguely said something about 20 to 30 % then said 50 it was confusing. is that gross or net? Then when he continued he speaks of the folding service isn't making a profit. Then he says the change machine misleads the tax collector by saying he got 50k from change but only 20k was put into the machines? Next he switched it to 5k and 3k? He says he purchased two hot water heaters instead of one so they don't have to be inspected? Everything in a business is inspected? I appreciated the location advice on retooling. The rest was just Lint trap laundry fluff.

Taking businesses from the Asian community

So true! Did you learn a lot from this video? What are your takeaways? ☺️

Will Ferrell is a very large man tho. He is no lookalike.

@@UpFlip I didn't get a notice about your question - good old youtube. I have an MBA and looked at the video from a case study perspective - it was very informative. You did a great job. Like most people in college, we used laundromats because apts we rented had no W&D and I always thought "this seems like it could be a good business" The tricky part might be the reliability of the location. When the wife and I were living in Berkeley (I attended UC Berkeley), she attended UC San Francisco across the Bay Bridge. SF is a perfect laundromat zone - lots of old rentals with no W&D. I mean it WAS. In the early 1990s SF had won the "cleanest big city in the U.S." award four years in a row. I know that's hard to believe now, but it's true. We left the SF Bay Area and California in 2017 - the decline there was astonishing. We moved to a state where we could predict the trajectory of 'defund the police' and so on not happening. So you have to choose the right mid-to-large population region. Because there are tons of rentals out there with no W&D. Huge need. .

Thanks a lot Zizou! He’s definitely a great guy 👌

Glad we can help! And we'll add those to our list! Thanks.

Thank you for your service Jacob!

Yeah agree, also sounds like investment joy makes more from his vending

Investment Joy owns them though. This owner overexaggerate the price of vending machines. He could literally buy used machine and make more money than he is doing right now. But it is very understandable that he does not want to take care of them.

@@william-christophermiehe4845 this guy has over paid for everything

@@Smartriide Yeah, its a completely different business model than InvestmentJoy. Different way of doing it by going to a very high-tech way, however, if it works, it has potential to bring in good return. Very risky, but could definitely work. Good on him for trying, but wouldnt have gone that way personally

Vandalism is a sign of a cancerous society, do you live in the third world?

Thank you for these wonderful questions! We'll keep these in mind.

You Rock Las Vegas!😀👍

I was thinking the same thing. I don’t think he even mentioned the name of their business one time. So they didn’t really get much out of telling people their entire business which in turn just creates more competition..

@@mikewilliams2106 Haha, yea I'm a bit sad the creator didn't respond. He used to read and respond to every comment.

I was thinking the same thing

I think it depends on where you live. In Europe laundromats services normally are associated with dry cleaners and do a lot of concierge work for high income business people that do not have the time to wash their own clothes. Catering to low income people who don't have their own washer at home is more of a side business, especially if you go into city centers. When I lived in London most laundromats had full service offers where you dropped you laundry off and then picked it up clean. The apartments there are so small that it is more economical to not have your own washer and instead pay someone to do your laundry, so it was not just for low-income people. I can see a laundry service work well as it can be a huge time saver for busy singles or couples. Once you add small children the amount of laundry might make it less attractive.

Your mind is too small . I see the big picture of this

That way he is expanding his customer base!

Thank you! We have that on our list.

We're glad you enjoyed the video!

Hope the video helped you make the right choice.

He said the folding service is not profitable as they were hoping to use those profits to pay for the employees.

Natural gas is the only sensible way for hot water

Battery costs would be prohibitive and inverters are not efficient. Perhaps use them to reduce your electric bill to run things like the lights. An even better idea is to use solar to heat the water to reduce the amount of electricity or gas needed to do the same thing.

It really is!

Looks like they are speed queen washers and dryers

Good idea my only concern would be it might discourage some people from using your laundromat.

Thanks for the support Lucas!

We got a video on a Bakery!

Thats a good idea but this laundry mat is located in a calm neighborhood with low crime rates.

Or where they're just using an app.

Naw I'm 46 I highly prefer an app. Ask anyone how much cash they carry anymore. ATMs charge fees. Most people old enough to be so against an app are too old to be doing their own laundry much at this point. Plus, there are incentives.

@@trucuriousity apps. and credit merchants also charge fees which are often hidden. Using cash from your bank is free. Pulling money out from a third party atm has always required a fee. Nothing new. But this newer generation really does not understand the importance of carrying cash. More automation means less freedom. That's a fact. I work in IT. Might as well glue a phone to your face. Barcodes are coming next if you all keep conforming at this rate of speed.

Great question! Servicing is usually done by mechanics, but regular maintenance is something they do every day. Hope this helps! ☺️

We'll see what we can do! :)

Really appreciate the kind words! Just keep sharing our videos :)

Glad you love this video! Do you have a business topic you want to see next on the channel? 🤔

Thanks for watching!

Thats a good idea!

We'll put that down on our list!

Thanks for the question Iveda. 😀Please check out our website upflip.com. We have great business options there to buy or sell a business.