Investing in Self-Service Car Washes for Cash Flow
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- Опубликовано: 2 авг 2024
- Self-serve car washes can make for a pretty interesting investment - aside from maintaining the property and ensuring everything is in place for customers to have a good experience, there isn't much required of a property owner on a day to day basis. But is it everything it's made out to be? Today, we're diving into self-serve car washes as an investment with Dan Schiermeyer.
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#carwash #carwashinvestment #commercialrealestate
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Own 2 self service washes in Florida. Cap rates are always going to be higher because it is definitely more like running a business than having a passive real estate property. I wouldn’t look at anything less than a 10 cap right now. Age of system plays a big role into how much your there fixing things. My washes are in very urban areas and if I don’t know how to fix something there is only 2 companies that will come out in the whole area. So keep that in mind if you are buying in rural areas. Definitely not as passive as you think.
That’s for sure - definitely need to keep the business side of it in mind when you’re doing these deals
what kind of liability insurance do you have?
Thank you
Great insight.
👊🏼👊🏼
Hey Tyler how can I buy one of these with no money haha but great credit? And how do I know the value of it to make an offer
What should I pay for a business that nets $40k a year? Everything is up to date and I’m good shape. It’s 5 self serve bays. I would be leasing it.
As in you’re just buying the car wash business and not the real estate? I wouldn’t pay more than a 15% to 20% cap rate depending on how long the lease term is
Hey Tyler, seems I'm a regular here lol. Any idea what type of debt/terms are typical for a car wash business besides SBA?
Haha keep them coming! It really depends on the existing cash flow of the property. I've seen some as low as 10% down, but I'd recommend planning for 25% to 30% considering the market. You really want to go for a bank that understands these deals and lends on them to get the best terms. Some banks just don't like them
@@TylerCauble thanks!!
Where can I get Dan's e-book?
That's a good question. Here's his linkedin profile: www.linkedin.com/in/daniel-schiermeyer-24125a12/
Its in the description of the youtube video!
seems to be a car wash on every corner in Fla yet they continue to build. How is it even possible that they are successful? Literally every 5 minute drive..
I guess because of their relatively low overhead and a low barrier of entry for clientele. It's all about the convenience for attracting users