How to Buy a Laundromat Business

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  • Опубликовано: 23 янв 2020
  • Laundromats 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/
    Get Connected
    Diligence Capital Investments (Passive Laundromat & Real Estate Investing)- diligencecapitalinvestments.com​
    Laundromat Investor Resources- laundromatresource.com/resour...
    Join Laundromat Resource- laundromatresource.com/join​
    Laundromat Resource Forums- laundromatresource.com/forums​
    Laundromat Resource Blog- laundromatresource.com/blog​
    Be a guest on the podcast!- laundromatresource.setmore.co...
    Sell your laundromat- laundromatresource.com/sell​
    Laundromat Resource Coaching- laundromatresource.com/coaching​

Комментарии • 241

  • @tonykaizen
    @tonykaizen 2 года назад +107

    Video starts at 6:03

    • @mitchell9169
      @mitchell9169 2 года назад +17

      THANK YOU god dam

    • @jayj4439
      @jayj4439 2 года назад +2

      @@mitchell9169 🤣🤣

    • @minutescouldsaveyoupercentormo
      @minutescouldsaveyoupercentormo 2 года назад

      i hate fruit cake ass dudes that take forever to get to the fucking point.
      thank you for letting us know

    • @JCWalling
      @JCWalling Год назад +6

      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
      @blkqueenk2717 Год назад

      @@mitchell9169 😂😂😂

  • @marauder1011
    @marauder1011 3 года назад +59

    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
      @LaundromatMillionaire 3 года назад +13

      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
      @LaundromatResource  3 года назад +8

      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
      @victoriac.attorneyatlaw 2 года назад +1

      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
      @janel9036 Год назад +1

      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
    @meeta1008 2 года назад +9

    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
    @Lee-ofar Год назад +2

    Newbie here, researching laundromat as a first time business owner. Just discovered your channel and subscribed. Much appreciate the positive and encouraging video!

  • @WorthyisHisname97
    @WorthyisHisname97 2 года назад +108

    Nurse here 😊👋 gotta keep doing research guys, and include God in anything and everything you decide to do 😊 !

  • @shakitashontajones
    @shakitashontajones 3 года назад +5

    Thank you so much for everything. I need this in my life.

  • @allisonwillcox9393
    @allisonwillcox9393 Год назад

    Thanks so much! This is the best information I’ve found.

  • @manilamartin1001
    @manilamartin1001 2 года назад +10

    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
      @robertomontes599 2 года назад +2

      How are the laundry mats doing now?

    • @friendlytester6861
      @friendlytester6861 2 года назад +1

      What made the first one so bad?

    • @manilamartin1001
      @manilamartin1001 2 года назад +4

      @@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
      @lesliejames3949 Год назад +1

      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
      @manilamartin1001 Год назад +1

      @@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
    @Romanellochw 3 года назад +8

    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
    @1235garay Год назад +3

    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
      @suzysurgent62 Год назад

      how did you start exactly? Did u have good credit or bad? Can I start with no money just a loan?

    • @1235garay
      @1235garay Год назад

      @@suzysurgent62 I am not an owner, just an attendant. Sorry if mislead you

  • @saycotic
    @saycotic Год назад +5

    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

  • @kevinstilwell5673
    @kevinstilwell5673 4 года назад +7

    Wow glad I found your channel I have a ton of questions

    • @LaundromatResource
      @LaundromatResource  4 года назад +1

      Glad to answer as many as I can

    • @kevinstilwell5673
      @kevinstilwell5673 4 года назад

      Laundromat Resource what is the best way to reach you

    • @LaundromatResource
      @LaundromatResource  4 года назад +1

      Sorry, just saw this comment. Laundromatresource.com or, if you want to jump on a phone call, Laundromatresource.com/coaching

    • @kevinstilwell5673
      @kevinstilwell5673 4 года назад

      Laundromat Resource I just scheduled a meeting for Monday

  • @abdraboufamily1223
    @abdraboufamily1223 Год назад

    The whole video is about to go to your website!

  • @sheeshd977
    @sheeshd977 2 года назад +2

    Is there a certain way to renegotiate how do you go about that?

  • @waylonlolotai7525
    @waylonlolotai7525 2 года назад +1

    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

  • @parthivpatel1794
    @parthivpatel1794 Год назад +2

    Can you make a video how to open my own laundromat step by step

  • @JasonDuncan
    @JasonDuncan 3 года назад +3

    Good content. Thanks.

  • @MikeWilliams-fj7nh
    @MikeWilliams-fj7nh Год назад +2

    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
      @LaundromatResource  Год назад

      Distributors can help you with that and can also introduce you to installers

  • @fiorella5717
    @fiorella5717 2 месяца назад

    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

  • @caidwi211
    @caidwi211 4 года назад +4

    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
      @LaundromatResource  4 года назад

      caidwi211 hey thanks! I appreciate that! Let me know if I can answer any specific questions for you along the way

  • @richard34urp
    @richard34urp 3 года назад +12

    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
      @LaundromatResource  3 года назад +1

      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

  • @NashiraWilson
    @NashiraWilson 2 года назад +1

    Yay I was finally able to get through with signup. Im ready to find what I need financially but Im here

  • @jawary8474
    @jawary8474 3 года назад +6

    Thanks for the free Ed. That’s very nice

  • @oscareduardo5411
    @oscareduardo5411 2 года назад

    THANK YOU BRO

  • @nikkakillss
    @nikkakillss 2 года назад +1

    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

  • @TedPatrickBaird
    @TedPatrickBaird 4 года назад +4

    Thanks for the info! Is your book still releasing this month?

    • @LaundromatResource
      @LaundromatResource  4 года назад

      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!

  • @marwangkhat3756
    @marwangkhat3756 4 года назад +12

    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
      @LaundromatResource  3 года назад +3

      This might be a good place to start...
      ruclips.net/video/ZtZvMSG0xbw/видео.html

    • @LaundromatMillionaire
      @LaundromatMillionaire 3 года назад +2

      Creativity, sweat equity, and grit will take you a loooong ways.

    • @marwangkhat3756
      @marwangkhat3756 3 года назад +2

      @@LaundromatMillionaire thank you

    • @LaundromatMillionaire
      @LaundromatMillionaire 3 года назад

      @@marwangkhat3756 You're very welcome ✈️

  • @hatersgotohell627
    @hatersgotohell627 2 года назад +2

    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
      @LaundromatResource  2 года назад +1

      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)

  • @yasseralsaidi1168
    @yasseralsaidi1168 4 месяца назад

    When Americans truly understood my equation thy said try very hard to get a laundry matt

  • @michaeltheus3524
    @michaeltheus3524 Год назад +1

    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
      @LaundromatResource  Год назад +1

      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.

  • @THEBIGGESTSCUMBAG
    @THEBIGGESTSCUMBAG 3 года назад +3

    I'M INTERESTED IN THIS

  • @livinwithlt
    @livinwithlt 4 года назад +5

    Would you recommend buying a struggling one or a brand new one after this recession ?

    • @LaundromatResource
      @LaundromatResource  4 года назад +9

      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
      @livinwithlt 4 года назад +1

      @@LaundromatResource Thanks for the tip!!

    • @LaundromatMillionaire
      @LaundromatMillionaire 3 года назад +1

      Very well said answer Jordan!

    • @livinwithlt
      @livinwithlt 3 года назад +1

      @@LaundromatMillionaire Just subscribed to your channel. Hope to learn some good stuff!

    • @LaundromatMillionaire
      @LaundromatMillionaire 3 года назад +1

      @@livinwithlt Thank you so much. Hopefully we all are learning from each other! That's the key to success imo.

  • @meg7915
    @meg7915 3 года назад +5

    Do you recommend taking a business course on entrepreneurship course? I have never owned a business.

    • @LaundromatResource
      @LaundromatResource  3 года назад +8

      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 RUclips videos. You can learn a lot really fast that way

    • @meg7915
      @meg7915 3 года назад

      Thank you so much for your help!

  • @sharonrose6072
    @sharonrose6072 2 года назад

    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-C-Codes
    @Mr-C-Codes 2 года назад +2

    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
      @LaundromatResource  2 года назад

      Yeah, you can buy one with $80k, especially if you combine that with a loan

    • @Mr-C-Codes
      @Mr-C-Codes 2 года назад +1

      @@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.

  • @NoName-ot8kl
    @NoName-ot8kl 3 года назад +19

    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
      @malcolmjameson8790 2 года назад

      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
      @narelyrivas8114 2 года назад

      @@malcolmjameson8790 im pretty sure you can reset password, and you'll receive a email to reset it

  • @DeLGuaLLabiTo
    @DeLGuaLLabiTo Год назад

    Links down below!! Sheeeeeesh!!

  • @mr.millionaire4570
    @mr.millionaire4570 Год назад +1

    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
      @LaundromatResource  Год назад +1

      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
      @RuebenDye-wy8ex Год назад +1

      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. 😊

  • @frozentundra7446
    @frozentundra7446 3 года назад +3

    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
      @LaundromatResource  3 года назад

      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!

  • @hemeraldhappy7166
    @hemeraldhappy7166 2 года назад +2

    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
      @LaundromatResource  2 года назад +2

      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.

  • @nailsbynicky.oc123
    @nailsbynicky.oc123 3 года назад +2

    do we need to have any mechanical experience in case our laundry broken ?

    • @LaundromatResource
      @LaundromatResource  3 года назад +1

      It can be helpful but definitely not necessary

    • @nailsbynicky.oc123
      @nailsbynicky.oc123 3 года назад

      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
      @manilamartin1001 2 года назад

      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
    @Trump20-24 3 года назад +3

    How much do laundromats usually cost to buy?

    • @LaundromatResource
      @LaundromatResource  3 года назад +1

      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.

  • @fiorella5717
    @fiorella5717 2 месяца назад

    Hi, why wouldnt you recommend checking yourself in pages where they sell business? Why would you recommend a broker better? Thanks

  • @lilrexy6088
    @lilrexy6088 3 года назад +4

    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
      @LaundromatResource  3 года назад +2

      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
      @lilrexy6088 3 года назад +1

      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
      @LaundromatMillionaire 3 года назад

      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
      @stevecurry5055 Год назад

      No - that’s false. People sell profitable businesses all the time. In fact, how could you sell a business that loses money??

  • @KC-on6ij
    @KC-on6ij 2 года назад +7

    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
      @LaundromatResource  2 года назад

      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

  • @bbqworld2103
    @bbqworld2103 Год назад +1

    Hi, great video. , but the link to download the ebook is broken

    • @LaundromatResource
      @LaundromatResource  Год назад

      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
      @bbqworld2103 Год назад +1

      @@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
    @hwilfley 4 месяца назад

    How do I partner with someone to buy a laundromat. I have one that is interested in selling.

  • @yasseralsaidi1168
    @yasseralsaidi1168 4 месяца назад

    This laundry resembles friend ship between United States and Europe and so it needs to look that way

  • @John-yt4nm
    @John-yt4nm 2 года назад +5

    Video actually starts at 5:00 if you don’t wanna waste your time with all the babbling

  • @eddiegarcia9675
    @eddiegarcia9675 4 года назад +2

    any advice on if i should get a loan to buy one. been really interested in buying one

    • @LaundromatResource
      @LaundromatResource  4 года назад +1

      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

  • @serriegranville2424
    @serriegranville2424 2 года назад +2

    Do you still offer free coaching ?

  • @yasseralsaidi1168
    @yasseralsaidi1168 4 месяца назад

    Lake shore plaza or stone stown is good location

  • @richardballentine7103
    @richardballentine7103 3 года назад +3

    What two critical mistakes did you make when buying those two laundromats that you discussed in your video?

    • @LaundromatResource
      @LaundromatResource  3 года назад +3

      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
      @mikeabramov1205 3 года назад

      I agree would love to know more about financing a laundromat

    • @manilamartin1001
      @manilamartin1001 2 года назад

      @@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.

  • @elderinisrael
    @elderinisrael 2 года назад +1

    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
      @LaundromatResource  2 года назад

      What kind of help are you looking for?

    • @elderinisrael
      @elderinisrael 2 года назад

      @@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
      @suzysurgent62 Год назад

      @@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

  • @jdspace723
    @jdspace723 Год назад

    Went to your site. Can’t seem to get access to it

    • @LaundromatResource
      @LaundromatResource  Год назад

      My apologies, the site was down for maintenance this morning. It should be up and running now

  • @midtownmadnesses
    @midtownmadnesses 2 года назад +1

    What do I do when I go on vacation? Who collects all this money and coins lol

    • @LaundromatResource
      @LaundromatResource  2 года назад +1

      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
      @midtownmadnesses 2 года назад +1

      @@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?

  • @Qween23
    @Qween23 9 месяцев назад

    Hello, is coaching still available?

    • @LaundromatResource
      @LaundromatResource  9 месяцев назад

      Yep! You can book a call at laundromatresource.com/coaching

  • @butlertv3058
    @butlertv3058 2 года назад

    No more free coaching!?

  • @s.a.9379
    @s.a.9379 Год назад +1

    Would be good to know if dry cleaner businesses have the same upside

    • @LaundromatResource
      @LaundromatResource  Год назад +2

      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
      @s.a.9379 Год назад

      @@LaundromatResource Thanks that’s super helpful - any high level reasons why they took the hit harder than laundromats?

    • @rickswing8723
      @rickswing8723 Год назад

      @@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.

  • @sheeshd977
    @sheeshd977 2 года назад +1

    What if I have a 400 credit score is it possible?

    • @danielharper2366
      @danielharper2366 2 года назад +1

      Not a snowball's chance in hell, not with a traditional bank loan anyway.

  • @houseofmatrix6174
    @houseofmatrix6174 3 года назад +5

    My goal is to buy a Laundry Mat I just need figure out the logicistics

    • @LaundromatMillionaire
      @LaundromatMillionaire 3 года назад +3

      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
      @LaundromatResource  3 года назад +1

      Let us know if we can help figure out the logistics with you.

    • @houseofmatrix6174
      @houseofmatrix6174 3 года назад +1

      @@LaundromatResource thank you for contacting me do you have any contact information or email that I can speak you directly

    • @LaundromatResource
      @LaundromatResource  3 года назад +2

      My email is jordan@laundromatresource.com
      Or, you can book a free call at LaundromatResource.com/coaching
      Looking forward to connecting!

    • @houseofmatrix6174
      @houseofmatrix6174 3 года назад +1

      @@LaundromatResource thank you Jordan i will definitely reach out

  • @patricossikari5429
    @patricossikari5429 2 года назад +1

    Free coaching not available

  • @jorgemartinez9468
    @jorgemartinez9468 2 года назад +1

    Links aren’t working

  • @operator0
    @operator0 Год назад

    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.

  • @beansamillion3961
    @beansamillion3961 3 года назад +2

    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.

  • @minutescouldsaveyoupercentormo
    @minutescouldsaveyoupercentormo 2 года назад +1

    i’m getting revenge if anyone finesses me. it’s going to cost them a finger or 4

  • @juggalosquad5027
    @juggalosquad5027 2 года назад

    So if I was to take a loan out what would that person be called next

    • @LaundromatResource
      @LaundromatResource  2 года назад

      which person?

    • @juggalosquad5027
      @juggalosquad5027 2 года назад

      @@LaundromatResource the one who takes the loan out that’s not rich or a millionaire maybe the average joe?

  • @harrypottre4611
    @harrypottre4611 3 года назад +7

    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
      @JPmotion 3 года назад +1

      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
      @sprankthetank 2 года назад +3

      if he lives in montana and you live in indiana, do you really think hes your competition? come on.....think smarter

    • @manilamartin1001
      @manilamartin1001 2 года назад +1

      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.

  • @alking6633
    @alking6633 Год назад +1

    He took 21 minutes to say 7 minutes of information.

  • @pjt3887
    @pjt3887 Год назад

    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
      @LaundromatResource  Год назад

      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.

  • @chriscruz4433
    @chriscruz4433 2 года назад +1

    Even at 2x speed this guy did not talk fast enough. Great information though

  • @ericfisher100
    @ericfisher100 3 года назад +1

    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
      @LaundromatResource  3 года назад +1

      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
      @ericfisher100 2 года назад

      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.

  • @ryankeenan351
    @ryankeenan351 3 года назад +2

    Why is the laundromat industry in a bad place?

    • @LaundromatResource
      @LaundromatResource  3 года назад

      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.

  • @mrrobinson10
    @mrrobinson10 Год назад

    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
      @LaundromatResource  Год назад

      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
      @mrrobinson10 Год назад

      @@LaundromatResource thank you. I refreshed our email thread so it should be easy to find.

  • @jaytpharaoh8411
    @jaytpharaoh8411 Год назад

    I’m a barber and I’m trying to buy one

    • @LaundromatResource
      @LaundromatResource  Год назад +1

      Love that! Let me know if you ever snag one or if there’s anything I can do to help!

    • @jaytpharaoh8411
      @jaytpharaoh8411 Год назад

      @@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
      @LaundromatResource  Год назад

      Looking forward to it!

  • @716rondo
    @716rondo Год назад

    and of course... "go get my e book"

  • @johnathansantoni4533
    @johnathansantoni4533 Год назад

    all over the place...

  • @reactionreaper2501
    @reactionreaper2501 2 года назад

    I need one in Columbus ohio

  • @alexjflow
    @alexjflow 3 года назад +2

    3 min in and we still haven't talked "how". Just talking about other videos.

    • @LaundromatResource
      @LaundromatResource  3 года назад +3

      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
      @alexjflow 3 года назад +1

      @@LaundromatResource just making an observation. whats the best way to find them?

    • @LaundromatResource
      @LaundromatResource  3 года назад

      @@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

  • @suzysurgent62
    @suzysurgent62 Год назад

    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

  • @tommyjones1357
    @tommyjones1357 Год назад

    Assuming people in IT are high earners. 🤣

  • @terrypatterson8547
    @terrypatterson8547 Год назад

    How to Buy a Laundromat Business. But first listen to me ramble on for 5 minutes.

    • @LaundromatResource
      @LaundromatResource  Год назад

      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.

  • @jasonworden1599
    @jasonworden1599 Год назад +1

    The author offers no real advice on the issues that he encountered. He just keeps pushing you to his website for more information.

  • @The_simple_way
    @The_simple_way Год назад

    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

  • @michaelbatista2869
    @michaelbatista2869 2 года назад

    If you "buy" a laundromat then you're doing it wrong.

  • @gregbieniecki7729
    @gregbieniecki7729 4 года назад +7

    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
      @LaundromatResource  4 года назад +7

      I appreciate the feedback. Succinct is not my strong suit haha. But definitely an area to improve. Thanks for the input

    • @hulksmash6858
      @hulksmash6858 3 года назад +3

      Or don't watch the video if all you are going to do is complain.

  • @Jerryseinfeld44
    @Jerryseinfeld44 Год назад

    So many words. So little information….

  • @mikerankreviews
    @mikerankreviews 2 года назад

    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
      @LaundromatResource  2 года назад

      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

  • @anonymousn1nja
    @anonymousn1nja Год назад

    this video is a waste of time. could be 4 min

  • @MA-fk5ot
    @MA-fk5ot 2 года назад

    Ur just advertising I’m disappointed

  • @BrianDaveyBlackThunder
    @BrianDaveyBlackThunder 2 года назад

    he said nothing about how to value a laundromat business.

    • @LaundromatResource
      @LaundromatResource  2 года назад

      How Much Is a Laundromat Really Worth?
      ruclips.net/video/0Z3ksLnobaU/видео.html
      We have a few videos on how to value a laundromat. Here’s the latest.

  • @sikwitit2494
    @sikwitit2494 2 года назад

    This ain't nothing but a long azz boring commercial.

  • @luvvvmoe
    @luvvvmoe 2 года назад

    bruh get to the point!!!!!

  • @shrijl
    @shrijl Год назад

    Dude is here just to sell his service NO VALUE

    • @LaundromatResource
      @LaundromatResource  Год назад

      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 😊

  • @abduljackson168
    @abduljackson168 2 года назад

    Whole video was a promotion

    • @LaundromatResource
      @LaundromatResource  2 года назад

      Promotion for what? I don’t currently sell anything :)

  • @stephaniesmith4832
    @stephaniesmith4832 Год назад

    I do not recommend this video

    • @LaundromatResource
      @LaundromatResource  Год назад

      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: ruclips.net/video/y3iBEqRwwys/видео.html

  • @kandacec4973
    @kandacec4973 23 дня назад

    Get to the point you talk a lot about nothing

  • @rociovelasquez9894
    @rociovelasquez9894 2 месяца назад

    you are so boring to listen to

  • @Haze508
    @Haze508 7 месяцев назад

    10 minutes in and there’s not one piece of valuable information. Besides, I’m trying to pump other sites wast of time.

  • @curadnur
    @curadnur 2 года назад +1

    Hi how can I contact you I am interested in laundromat

    • @LaundromatResource
      @LaundromatResource  2 года назад

      my email address is jordan@laundromatresource.com
      You can also check out laundromatresource.com/coaching
      Looking forward to connecting!