Jordan, I'm so happy to have stumbled upon your resources! Your pastoral background and desire to minister and serve the community through laundromats have been so helpful for my husband and me. Looking forward to learning more from your content. God bless!
@thelaundromatbusiness if the Seller owns the building how do you factor that into the calculation? Or is it just a straight up real estate deal at that point?
Hi Jordan! I’ve just began considering becoming an investor of laundromats and I’m not sure where to start. I don’t have the best credit and I also haven’t accrued much Capitol. How do you suggest I proceed? I do have an LLC that I can rebrand and utilize for the laundromat, and also have not utilized any type of commercial loans.
so let's say if Buying a coin laundromat for the first time and and i only want the coin laundromat for six years does that mean I get a six-year Option lease then walk away?
Hello, there are lots of women who are owners of laundromats. I have seen a lot of them in CA but really throughout the US. I am a female myself and I am scouting laundromats for purchase in Texas now. Go for it, Goodluck
Awesome question. I'll give you some thoughts but I would also to encourage you to check out the podcast episodes where I interview women and reach out to them! They'll obviously have a better perspective than me. To answer your question on safety, I would say generally speaking it is safe. When you're handling lots of cash there is risk with that, but there are a lot of things you can do to make it safer. For example, collecting more frequently so you're not handling so much cash, collecting at varied times so no one can anticipate a rhythm of collecting, install a card payment system instead of cash or utilize coin changers that open from the back and not the front so customers can't see you collect. Etc. As for repairs, some owners prefer to learn and do it themselves, and others utilize a mechanic. If you're an Attorney, it probably makes sense to hire a mechanic to repair machines for you as your dollars per hour are probably higher as an attorney than as your own mechanic. Yes, you would be the lessee!
my situation is different. the laundry mat opened about 10 years ago, was open for about a year and then closed, I believe the owner had health issues. All new machines. the building is the owners as well
Jordan, your "free" membership on the site had me enter my info and scroll down to only find 39/mth as an option. Simply no option to check out the free membership for starters. What gives?
That’s weird, there’s definitely a free option. laundromatresource.com/join and click join under the free option. That should get you there. Definitely reach out if you’re still having issues. There are lots of high quality free resources on there I want to make sure you get. Sorry for any confusion
I don't have any business background. Who would be able to help me to figure out the finances, business plan, figure out if it is a good investment, etc. etc.? I am very interested in this opportunity.
I would reach out to other owners on the forum (laundromatresource.com/forums) and laundromat owner facebook groups. We do offer coaching and consulting but a 1-on-1 call would probably be better after you have the basics down.
Kept repeating the same thing at least 4 times for the first 3 minutes and 10 seconds. Could have just said, Value = Net operating income and then start explaining. But kept rambling and repeating himself for too long. I just reached the 3 minutes and 10 seconds and decided to stop watching and write this comment because it raised anxiety to extreme levels. I hope the information is good for the rest of you who decided to toughen it out and watch the whole video. He seems like a nice dude, so hopefully the information is good enough to be worth the anxiety attack. Might be worth the wait for those of you who happen to brew a chamomile tea cup and keep it next to you🙂👍🏼
![[FREE MINI-COURSE] Laundromat Due Diligence: Part 3 of 3](http://i.ytimg.com/vi/8jpu2drVasc/mqdefault.jpg)
![[FREE MINI-COURSE] Laundromat Due Diligence: Part 3 of 3](/img/tr.png)
![[FREE MINI-COURSE] How to Buy a Laundromat- 1 of 3: Finding a Good Deal](http://i.ytimg.com/vi/y3iBEqRwwys/mqdefault.jpg)
Jordan, I'm so happy to have stumbled upon your resources! Your pastoral background and desire to minister and serve the community through laundromats have been so helpful for my husband and me. Looking forward to learning more from your content. God bless!
Wow, thank you!
Thanks!
You bet! I appreciate it!
This mini-course seems very well put together actually. not bad
That calculator is a great resource!
@thelaundromatbusiness if the Seller owns the building how do you factor that into the calculation? Or is it just a straight up real estate deal at that point?
What about if you own the building and you own the business? How do you calculate/evaluate the deal?
Hi Jordan! I’ve just began considering becoming an investor of laundromats and I’m not sure where to start. I don’t have the best credit and I also haven’t accrued much Capitol. How do you suggest I proceed? I do have an LLC that I can rebrand and utilize for the laundromat, and also have not utilized any type of commercial loans.
so let's say if Buying a coin laundromat for the first time and and i only want the coin laundromat for six years does that mean I get a six-year Option lease then walk away?
You could technically but you’re better off getting a longer lease and then selling the business when you’re ready to
Hey I aquiring on a buy a laundry business but have no clue how to structure the deal
Glad to answer any questions I can. Structuring a deal can be very nuanced depending on the situation so it’s hard to give too much general advice
Summary of video:
Multiple is 3.5 to 5× of NOI
Lease has to be 25% of GI.
10 yr minimum with 2 five year options.
Is it safe for women? i.e. collecting money, who does the repairs, I take it I'm the lessee? thanks
Hello, there are lots of women who are owners of laundromats. I have seen a lot of them in CA but really throughout the US. I am a female myself and I am scouting laundromats for purchase in Texas now. Go for it, Goodluck
Awesome question. I'll give you some thoughts but I would also to encourage you to check out the podcast episodes where I interview women and reach out to them! They'll obviously have a better perspective than me.
To answer your question on safety, I would say generally speaking it is safe. When you're handling lots of cash there is risk with that, but there are a lot of things you can do to make it safer. For example, collecting more frequently so you're not handling so much cash, collecting at varied times so no one can anticipate a rhythm of collecting, install a card payment system instead of cash or utilize coin changers that open from the back and not the front so customers can't see you collect. Etc.
As for repairs, some owners prefer to learn and do it themselves, and others utilize a mechanic. If you're an Attorney, it probably makes sense to hire a mechanic to repair machines for you as your dollars per hour are probably higher as an attorney than as your own mechanic.
Yes, you would be the lessee!
my situation is different. the laundry mat opened about 10 years ago, was open for about a year and then closed, I believe the owner had health issues. All new machines. the building is the owners as well
Did you buy it?
Jordan, your "free" membership on the site had me enter my info and scroll down to only find 39/mth as an option. Simply no option to check out the free membership for starters. What gives?
That’s weird, there’s definitely a free option. laundromatresource.com/join and click join under the free option. That should get you there. Definitely reach out if you’re still having issues. There are lots of high quality free resources on there I want to make sure you get. Sorry for any confusion
I tried this calculator just now and it skips right to “thanks for trying the calculator”. No free 1 time use, unfortunately for me.
The calculator doesn’t let me try it out once
I don't have any business background. Who would be able to help me to figure out the finances, business plan, figure out if it is a good investment, etc. etc.? I am very interested in this opportunity.
I would reach out to other owners on the forum (laundromatresource.com/forums) and laundromat owner facebook groups. We do offer coaching and consulting but a 1-on-1 call would probably be better after you have the basics down.
On the lease, you should have used 20 or more years.
👍👍🥰
Kept repeating the same thing at least 4 times for the first 3 minutes and 10 seconds. Could have just said, Value = Net operating income and then start explaining. But kept rambling and repeating himself for too long. I just reached the 3 minutes and 10 seconds and decided to stop watching and write this comment because it raised anxiety to extreme levels. I hope the information is good for the rest of you who decided to toughen it out and watch the whole video. He seems like a nice dude, so hopefully the information is good enough to be worth the anxiety attack. Might be worth the wait for those of you who happen to brew a chamomile tea cup and keep it next to you🙂👍🏼
Ha, sorry. It was one of my first videos. More recent ones are a little better