Michael Gersitz hello Michael I am really interested in opening a laundromat I bumped into this video and another one of your videos I am In Newyork city just dont know how to go about it as of right now just doing some homework before I jump into anything but would like to know more about it get back
Hi Micheal great video! I just subscribed to your channel. Trying to learn as much as I can regarding the Laundromat business. I’m super excited about it
Great video! 👍🏾 What’s the first thing you need to do when looking to start your own laundromat, and what’s the first thing you need to start a business plan
Look for laundromats for sale, and build from there... if it has been on the market long enough, you might be able to convince owner to finance it for you!
Hey man,,, very small error. You actually do have cost of goods sold. In your last video you mentioned the soap you resell and the goodies in the vending machines. That's your COGS. Thanks for your info tho, very helpful. Especially the vid where you went over monthly expenses. Cheers!
As I was searching up laundrymat content tons of videos came up from people showing how to trick the machines for free laundry. Literally theft! I didn’t even know this was a real thing!
@2:50 i am confused when you say it is really easy to get your next laundromat after you figure out the first one, but at the bwginning of your video it sounded like you only have one. That is fine except i am jot sire why you would say ot is teally easy to get another id you have not done so. Did i misunderstand?
Hi, im looking at buying my first business, a laundromat too. the business has been around for 33 years, great location but needs rejuvenation, machines are a little on the old side but still functional. what key things do you think make people come back? does having older machines influence customer choice?
This isn't my video but I'll take a crack at your question. I own a couple of laundromats and I can say that people are definitely attracted to new machines but you don't have to have new machines. Functional machines, a clean store, and good customer service keep people coming back. Look for ways to provide value to your customers
Having a clean store is definitely important! New machines make your store look better, break down less and cost less to operate. I would talk to some distributors and walkthru with them the potential new store and at least explore the idea...but having new machines is not a MUST! It will help tho!
You can start with integrating fun features then work your way up. Customers want more options and many now have credit card integrations on newer machines.
Yup, recorded a bunch of clips- just doing a lot of outside work on apartments and my other commercial building plus spending time with family! I’ll be back! Thanks for asking!!!
Depends on how much money you have! I'm always on the lookout for more stores, but I don't want to overpay. Normally laundromats that are making money are not for sale... so we need to get in there and fix the place up in order to turn it around. If you pay too much then you might not make a good return.
There is a ton of great info on the CLA forums about pricing laundromats, if the real estate is for sale as well it’s going to be hard for you to lose money!... it’s a fun business! Good luck! Any other questions feel free to ask
I have a facility in a small community that I have an area that I'd like to put in a laundromat as our community doesn't have one. Looking for recommendations for brands, new vs used equipment, financial assistance for start-up, etc. I appreciate any additional insight you may have.
Does your community need a laundromat? Might be best to start off with used equipment to save 80% off equipment price since your startup costs will be really high...
@@gersitz Would it be smart to start with a small amount of units and build from there or is that discouraging to a customer? Any brand of equipment that you prefer over another? Insight of coin vs card? Standard or large capacity size perferred? Again small community with the closest laundromat being 12 miles.
What is the machine mix? If you find out what type of machines they have in the laundromat, google how much water they use per cycle... then you can find out how much turns they did and you can use this number to get you a rough estimation about profit...
@@gersitz 12 Huebsch HFN 20lb Washers, 3 Huebsch SC60 Washers, 3 Speed Queen 40lb Washers - but how much do you make off drying at .50 cents for 8 minutes?
Question: Do you think it's best to purchase a laundromat close or near your home? For instance, I live in Maryland and Im looking at laundromats in VA or Delaware.
How much would it cost to start from scratch with 12 machines (6 washers & 6 dryers)? Any company would help with the store design if we bought from them? We have commercial land so we have an option to build on it. Do you think it's wise to do that or lease an existing building?
We saw one for sale $150k. 1450sq ft. The monthly gross is $7800 and net $2200. Absentee owner said lots of potential to increase gross. I know the price is outrageous. What would be a reasonable price for such net income?
@@healthyeating2199 what are u paying for? How old are the machines? Is the Operator the landlord also? Why deal with the operator it’s the landlord u need to Talk, u go and pay 150k for the business what did u actually get some old machines that are on their way out and what ever is left On is lease? Talk with Landlord make long term lease talk to local distributor about financing new machines and go from there..
MICHAEL ... WHATS UP MY DUDE ... HEY IM IN THE PROCESS OF LOOKING FOR A LOCATION ... PLUS I HAVE THE CAPITAL TO PUT UP ... WHAT KIND OF MACHINES DO YOU USE ... &... WHAT IS THE COMPANIE NAME THAT YOU RENT THEM FROM .. THANKS BRO ...
I use Primus, Dexter, Maytag equipment... For my new store, Im likely going to go with all Dexter machines... I buy them, I don't rent. You need to find a local dealer...
Hello sir, is there any way I could set up a phone call with you discussing my situation and what id like to do? Or emailing back and forth if thats more comfortable?
You and hot dog need to stop talking about them. Getting to many pushing original guys to loose money. You make it sound simple but this is 24hrs 365 days a year w many troubles. 47yrs w several laundries skip vacations due to cash business and hard to trust people
![Kodak Black - Catch Fire [Official Music Video]](http://i.ytimg.com/vi/A4ch-olIuZo/mqdefault.jpg)
I just bought a new laundromat! Subscribe to my channel to see the renovations!
Michael Gersitz hello Michael I am really interested in opening a laundromat I bumped into this video and another one of your videos I am In Newyork city just dont know how to go about it as of right now just doing some homework before I jump into anything but would like to know more about it get back
Why do you keep calling it laundromat the correct word is laundrette
Thank you Michael, for an honest and straightforward video. God bless!
I own a convenience store and looking into the laundromat business. Thanks for the video.
I'm researching the laundromat business, thanks for the info
Go to freelaundromat.com educate yourself before you start.
Good job on the video.
Love to have you join my channel @Laundromatmillionaire
@@teresaweaver7750 Im looking to get into as well..any other suggested resources besides youtube?
Hi Micheal great video! I just subscribed to your channel. Trying to learn as much as I can regarding the Laundromat business. I’m super excited about it
Great video! 👍🏾 What’s the first thing you need to do when looking to start your own laundromat, and what’s the first thing you need to start a business plan
Look for laundromats for sale, and build from there... if it has been on the market long enough, you might be able to convince owner to finance it for you!
@@gersitz what is the average laundromat business sell for? And does it make sense to buy a failing laundromat?
Nice. I’m from Sydney Australia and was thinking of setting one up!
Go for it!
Hey man,,, very small error. You actually do have cost of goods sold. In your last video you mentioned the soap you resell and the goodies in the vending machines. That's your COGS. Thanks for your info tho, very helpful. Especially the vid where you went over monthly expenses. Cheers!
No tax on goods sold if you prepay the tax
Great video! Informative and straight to the point
Thanks for honest review!
Excellent information! 👍🏾
Thinking of opening up a laundromat would love to
As I was searching up laundrymat content tons of videos came up from people showing how to trick the machines for free laundry. Literally theft! I didn’t even know this was a real thing!
I am interested in the laundry mat business however I am wanting sooo much more information than this. Suggestions please?
Starts at 0:55
Right now my city has 3 laundromats in a 60 000 to 65 000 population city so they definitely need it
Awesome video, you nailed it.
Awesome vid! I'd love to talk laundromats sometime!
This is my laundromat channel in case you wanted to take a look
I can answer basic questions via email (via my website)
How did you get the cash to start
Considering buying one after l move out of California and get settled after a few years.
@2:50 i am confused when you say it is really easy to get your next laundromat after you figure out the first one, but at the bwginning of your video it sounded like you only have one. That is fine except i am jot sire why you would say ot is teally easy to get another id you have not done so. Did i misunderstand?
who set that 4th laundromat on fire I wonder...
Hi, im looking at buying my first business, a laundromat too. the business has been around for 33 years, great location but needs rejuvenation, machines are a little on the old side but still functional.
what key things do you think make people come back? does having older machines influence customer choice?
This isn't my video but I'll take a crack at your question. I own a couple of laundromats and I can say that people are definitely attracted to new machines but you don't have to have new machines. Functional machines, a clean store, and good customer service keep people coming back. Look for ways to provide value to your customers
Having a clean store is definitely important! New machines make your store look better, break down less and cost less to operate. I would talk to some distributors and walkthru with them the potential new store and at least explore the idea...but having new machines is not a MUST! It will help tho!
Anyone need any dexter dryers or front loader for laundromat. Best brand out there
Darwin Vartan might be worth posting it on our forums Laundromatresource.com/forums
You can start with integrating fun features then work your way up. Customers want more options and many now have credit card integrations on newer machines.
If you want to take the route of leasing a laundromat. What all would you need approaching a landlord.
Thank you so much!
Hello Michael, have not seen any new videos for a long time, everything ok ?
Yup, recorded a bunch of clips- just doing a lot of outside work on apartments and my other commercial building plus spending time with family! I’ll be back! Thanks for asking!!!
Can you expect much luck with buying a beat up old laundromat? If you're in it for the long term.
How long does it take to get another location?
Depends on how much money you have! I'm always on the lookout for more stores, but I don't want to overpay. Normally laundromats that are making money are not for sale... so we need to get in there and fix the place up in order to turn it around. If you pay too much then you might not make a good return.
Michael Gersitz I’m buying one, but the price is a little high, it’s really a tax write off anyway.
There is a ton of great info on the CLA forums about pricing laundromats, if the real estate is for sale as well it’s going to be hard for you to lose money!... it’s a fun business! Good luck! Any other questions feel free to ask
Do you think its possible to open one up in nj with 100k no loans or banks ?
I have a facility in a small community that I have an area that I'd like to put in a laundromat as our community doesn't have one. Looking for recommendations for brands, new vs used equipment, financial assistance for start-up, etc. I appreciate any additional insight you may have.
Does your community need a laundromat? Might be best to start off with used equipment to save 80% off equipment price since your startup costs will be really high...
@@gersitz Would it be smart to start with a small amount of units and build from there or is that discouraging to a customer? Any brand of equipment that you prefer over another? Insight of coin vs card? Standard or large capacity size perferred? Again small community with the closest laundromat being 12 miles.
Own laundries for 47 yrs I could write a book
Please do
By a book I meant disasters. Robbing, tearing up equipment, bathrooms, stealing, homeless sleeping, you name it
It's not just a easy business. It's 24hrs of often calls you have to go check. We rarely go on vacation
@@sharonpodorski4687 It is an absentee laundromat. No employee I guess. I would go with attented.
@@oguzoguz4686 w employees its outrageous but go for it
Nice cat.
Hello! What’s an asset sale?
If we open laundromat in new developing area and budget Is $100k only. Is it a good to open there
Good info on mats....thanks
Glad it was helpful!
I live in a city of 41,000 and there is no laundromat, I'm looking in to opening one, but I would have to start from scratch. Where do I start?
Contact a distributor
What state you in?
@@gersitz
I'm in California
Do you know approximately how much to start new laundrymat set up?
Depends... 200k-1million
@@gersitz wow, that much? There goes my dream.... Thank you
@@juliearmenta364 you dream of opening a laundromat?
what would you recommend for prices for standard size units and industrial size units?
Where do you put one that guarantees people arent just going to buy their own machines at home?
Apartments and small rental homes where the landlord does not allow or pay for the washer/dryer.
How do you vet out the profitabilty of an exisiting laundromat? If it uses 16,000-18,000 CC of water per quarter, what can I expect to make?
What is the machine mix? If you find out what type of machines they have in the laundromat, google how much water they use per cycle... then you can find out how much turns they did and you can use this number to get you a rough estimation about profit...
@@gersitz 12 Huebsch HFN 20lb Washers, 3 Huebsch SC60 Washers, 3 Speed Queen 40lb Washers - but how much do you make off drying at .50 cents for 8 minutes?
What camera would you recommend for a laundromat?
I use Ankke Vision and Reolink for my places
Question: Do you think it's best to purchase a laundromat close or near your home? For instance, I live in Maryland and Im looking at laundromats in VA or Delaware.
Closer is always better! You want to be able to monitor your investements! "out of sight, out of mind"
How much would it cost to start from scratch with 12 machines (6 washers & 6 dryers)? Any company would help with the store design if we bought from them? We have commercial land so we have an option to build on it. Do you think it's wise to do that or lease an existing building?
I wouldn’t build anything less than 1500 square feet, you will never make any money
Contact some distributors in your area, they can help with everything
We saw one for sale $150k. 1450sq ft. The monthly gross is $7800 and net $2200. Absentee owner said lots of potential to increase gross. I know the price is outrageous. What would be a reasonable price for such net income?
@@healthyeating2199 what are u paying for? How old are the machines? Is the Operator the landlord also? Why deal with the operator it’s the landlord u need to
Talk, u go and pay 150k for the business what did u actually get some old machines that are on their way out and what ever is left
On is lease? Talk with Landlord make long term lease talk to local distributor about financing new machines and go from there..
One day... I want to be you.
MICHAEL ...
WHATS UP MY DUDE ...
HEY IM IN THE PROCESS OF LOOKING FOR A LOCATION ...
PLUS I HAVE THE CAPITAL TO PUT UP ...
WHAT KIND OF MACHINES DO YOU USE ...
&...
WHAT IS THE COMPANIE NAME THAT YOU RENT THEM FROM ..
THANKS BRO ...
I use Primus, Dexter, Maytag equipment... For my new store, Im likely going to go with all Dexter machines... I buy them, I don't rent. You need to find a local dealer...
Awesome video!
Cool. I think Michael Gersitz owns a cat.
Hello sir, is there any way I could set up a phone call with you discussing my situation and what id like to do? Or emailing back and forth if thats more comfortable?
Yea, give me a call
@@gersitz thankyou, is there a number I can reach you at?
Last con is you can and might lose all your money in your investments. Don’t gross enough revenues to pay the rent and utilities
How much it cost to open one?
Depends, $xxx,xxx if your starting from scratch
Ok you all know more than 47yrs in it. Ok good luck
Thanks as I’m looking to owning one within the next 6-24 months.
I have investors from overseas willing to invest 6 figures for me.
Are you still in business?
Yup
Hmm I might not want to get into this .
Hi Michael, would you set up a business with chinese machines? Tks
You and hot dog need to stop talking about them. Getting to many pushing original guys to loose money.
You make it sound simple but this is 24hrs 365 days a year w many troubles.
47yrs w several laundries skip vacations due to cash business and hard to trust people
Not too many cons
Are you single?😍
Would giving out your Whatapps number be better for customers so they can just text or leave voice msgs?
Great video!!!