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Great video! A lot of very good information. I’m in the process of writing my business plan and looking to open my first laundromat, hopefully within the next year. But, after all my intense research, webinars, Somewhat helped from SBA and reading multiple books, it all boils down to, if you don’t have at least 20% to 30% down, you can forget about it
It depends on how much the total laundromat cost would be. One way is owner financing. Let's say the selling price is 300K. You could put 130 down and ask them to hold a note for the rest. Owners don't advertise that but most will do it to make the sale. You could also consider an SBA loan. Most loans will require you to put in 20-30% of the purchase price from your own funds. If that is a route you'd want to consider, I can recommend someone for you. I hope this helps.
@LaundromatEntrepreneur I have 30% for a loan but most lenders want machines to be under a certain year which is understandable. I've tried sellers financing with 3 different owners and all told me "no way" .. I'm running out of options on possibly owning 1 in the future
@@beezkneez7065 So you've gotten to the point were your ready to make an offer but don't have the balance? I can put you in touch with someone if you like. I can't make any promises, but he could try. If you want my email is Markcsordos@aol.com
Want more wisdom, strategic insights, and actionable advice for acquiring a laundromat business? Subscribe here for early access:
laundromat-entrepreneur.ck.page/5b89072f77
Very thoughtful and helpful video. Thanks.
Great video! A lot of very good information. I’m in the process of writing my business plan and looking to open my first laundromat, hopefully within the next year. But, after all my intense research, webinars, Somewhat helped from SBA and reading multiple books, it all boils down to, if you don’t have at least 20% to 30% down, you can forget about it
You might be able to get in with a little less if you also get owner-financing, but the bank will want you to have some skin in the game.
Thank you for sharing.
You're welcome. Thank you for watching.
How the in the world do you acquire a laundromat business.
I have 130k and seems difficult to get a loan for the rest of purchase price.
It depends on how much the total laundromat cost would be. One way is owner financing. Let's say the selling price is 300K. You could put 130 down and ask them to hold a note for the rest. Owners don't advertise that but most will do it to make the sale.
You could also consider an SBA loan. Most loans will require you to put in 20-30% of the purchase price from your own funds. If that is a route you'd want to consider, I can recommend someone for you.
I hope this helps.
@LaundromatEntrepreneur
I have 30% for a loan but most lenders want machines to be under a certain year which is understandable.
I've tried sellers financing with 3 different owners and all told me "no way" .. I'm running out of options on possibly owning 1 in the future
@@beezkneez7065 So you've gotten to the point were your ready to make an offer but don't have the balance? I can put you in touch with someone if you like. I can't make any promises, but he could try. If you want my email is Markcsordos@aol.com
@LaundromatEntrepreneur Awesome thank you