My brother works 4 days a week at a car wash. There is ALWAYS something going wrong. Electricals, plumbing, water problems. The list is never ending. He always comes home exhausted.
Passive and easy? I've been surveying COVERED AND KEYPAD ENTRY RV, Boat and Motorhome storage spaces. Tampa area may not be typical but Extra Space Storage usually has 10 or 12 parking spaces with every self storage they own. Prices go for $240 to $300 a month. Open storage doesn't do nearly as well. A friend in Zephyrhills Florida has around 30 covered and fenced spaces at $235 and he always has a waiting list. Covered (Butler Buildings) and secure is the answer. You might have someone in your office call around to check on prices and availability in your area. It just doesn't get any more passive and easy than that. People leave their boats and Rvs for months at a time. A lot of neighborhood HOAs don't allow big boats or Motorhomes to be parked at a home.
Once you got the second laundromat, I was thinking "Mark could get a second car wash, too, then." I'm thinking buy another car wash, but don't over extend yourself, and don't go for more car washes than you have laundromats. It would be exciting to see you get this car wash. You would definitely have to hire someone to man it, though. Even if just one person. At least with the one you already have, you're doing fine as is right now. Maybe if you buy this other car wash and hire someone to work that one for the two hours you were told about, then that same person could go to the one you already have, to watch over it, later in the day. Interesting series, here. Mark, the real estate guy, and now Mark, the car wash and laundromat guy. Like a chain of car washes and laundromats. Very interesting.
In North Carolina, I have trouble finding car washes or laundromats with a cap rate above 6%. I have found a couple of few hours away that are 9 1/2 cap. All this money printing is driven these things up way too much. If you can get that with the nine or above cap rate, then I’d snap it up because you have a synergy between your other businesses in the area. Good luck, Mark.
Yes, buy it. Looks like a good deal. I would have brought one. After I heard the price, I thought yeah, nah. Which is a Kiwi way of saying. No way Jose.
Hanging a temporary hand lettered car wash sign on the side of the building would probably increase business in the interim until you get the permanent sign installed.
Car washes do make money but there is a lot of more to keep them up and going cost. In the Midwest they are used like crazy during the winter months. Just have to do your numbers see what they make a month.
4:40 That is probably an Oil-Water separator (OWS). You should have an OWS for your car wash. If you don't have one, you might want to check into it. In New Mexico the fines are something like $10,000 per day for violating the Clean Water Act.
yeah on the east coast most of the self serves have shut down because of recycling regulations.. which are stupid because we never are in a serious drought .. not like west of the Mississippi ... we never see any of that.
In my area hand wash Car Wash like this one is almost gone. The automatic car wash are popping up. The brushless are junk and dont get ya vehicles very clean. The other one with rotating brushes are scratching up vehicles bad. Ya go a decent wash those others cost more money to operate and will end up not a good profit. Plus $2 for how long it runs
Is there room to add more bays to your car wash? That plus adding machines to the interior (either to the other room or renovating) could be a good move. You're used to buying low and renovating, with residential, might be in the comfort zone with commercial too.
The issue seems to be maintenance. This equipment (car wash) seems to be specialized. I think the key is you need to have someone monitoring operations and ready to do repairs and maintenance on an ongoing basis because if it's not working it's not generating revenue. Can you have a staff person to maintain your car washes? Otherwise I say doesn't make sense.
I should have mentioned this in my first comment, but funny thing is, once you started on this laundromat journey, I now keep seeing other channels about laundromats. So I guess at some point they'll show me car wash channels, too. Some of them look like they're such that I was thinking "Maybe I could send this to Mark, since it might help him along his journey."
There's a company in the city of Inglewood, Ca... used to be in a brick building between railroad tracks and Florence Avenue.... I can't remember their name, they build some of the most energy efficient car washes all self-contained recycling the water, very eco-friendly... the owner had a lot of very very interesting expensive cars, he had somebody coming in detail them on a regular basis... sort of like your fun car Friday crap...
.horrible neighborhood! ! Right next to a abandoned house. car wash has changed hands in the last couple of years I believe. I would wonder why. Why not buy the house? Its been empty for over 7 years. Also that motel across the street .Bad neighborhood.
Mark I’ve been trying watching your videos for years and you inspire me a lot. I was hoping you can share with me how to look for businesses for sale? I’ve been saving money for years and I’m ready to be a business owner but not sure how to even look for a business in my area. Thanks again hope your having a great day
I have noticed that your car wash sign on the side of the laundromat is nor stand out enough. Are you not allowed to do a bigger or bolder sign? You do need to have black lettering on a lighter background to stand out. Ask a signwriter.
I think you need to figure out what business has the highest profit margins with the least effort. That is much harder than you think because there are many factors and people that advise about businesses normally never ran a business. MBA Grads with a lot of theory and no practical experience giving you advice.. if you've ever visited the SBA Small Business Administration you will see a lot of that.. they don't really help you because they've never been there themselves.
On the six bay- for $800k you need a proven income that would return that in a period of time- your :price of money will dictate it. And to profit you need a better return than just paying the notes-the six bay has at least six or seven different make up or mix tanks and chemical feeds which need constant monitoring and filling. An hour a day for the talent and trustworthyness for that would be about right. It still needs somebody who actually does the lawn mowing etc- right now it needs a high pressure and light chemical wash to get the crud off the fired clay surfaces. I like his dry drains- it puts all the oily crud and crap from washing a ton of cars in one place rather than some in each bay- you only need your vacuum contract guy ( you have found one- you will need him to pump out the pits in the little wash you have at some point. One person could run the CW early in the AM and then get the big laundry up and running each day, run equipment checks and such. But it really comes down to ROI- both on what you already have and what you propose. Btw, as pretty as those relay stacks- the round blue things mounted in strings with wires coming out of them- they are no joy to troubleshoot around or to replace- unless you do it at night when nobody hardly washes a car- like 10 pm. That was a shop designed and built set up, not ten years old, in good looking shape. If you take care of it and don't let any one butcher it up, it could last ten more years with a minimum of hard maintenance. Cat pumps will last about the dame number of wash cycles- in a busy wash 3-5 seasons easy- and only need rebuilding, at about half the cost of new pumps. Never throw any of that stuff away unless it it totally junk- you may need it as a core for the rebuild you also need. Yep, it's complicated; six bays without the bells and whistles is really only a little more complicated than your two bay. and as you have noted, it really puts an iron frame on a certain amount of your business hours time. But if the money is there, there is enough money with about four to six more bays to hire the "one guy"; do that, double in size and hire another "one guy" and put in all the accounting tricks- counters and meters that get recorded every day or scheduled point (if you are operating someplace you need rebar to keep the crooks out, daily is the only way to fly) you can keep the foolery to a minimum and records tight as a drum for any IRS or State Treasury reviews. But you can't do that and cover the rest of what Mark does; it's a business, not an income, as you noted.
My brother works 4 days a week at a car wash. There is ALWAYS something going wrong. Electricals, plumbing, water problems. The list is never ending. He always comes home exhausted.
I beleive it
Passive and easy? I've been surveying COVERED AND KEYPAD ENTRY RV, Boat and Motorhome storage spaces. Tampa area may not be typical but Extra Space Storage usually has 10 or 12 parking spaces with every self storage they own. Prices go for $240 to $300 a month. Open storage doesn't do nearly as well. A friend in Zephyrhills Florida has around 30 covered and fenced spaces at $235 and he always has a waiting list. Covered (Butler Buildings) and secure is the answer. You might have someone in your office call around to check on prices and availability in your area. It just doesn't get any more passive and easy than that. People leave their boats and Rvs for months at a time. A lot of neighborhood HOAs don't allow big boats or Motorhomes to be parked at a home.
A lot of Florida 55+ communities don't allow pickup trucks or motorcycles either.
We don’t have basements for storage in FL so it’s like a/c repair…always in demand.
Basements?? LOL the water table in my back yard is around 30 inches.@@mjmooney6530
Once you got the second laundromat, I was thinking "Mark could get a second car wash, too, then." I'm thinking buy another car wash, but don't over extend yourself, and don't go for more car washes than you have laundromats. It would be exciting to see you get this car wash. You would definitely have to hire someone to man it, though. Even if just one person. At least with the one you already have, you're doing fine as is right now. Maybe if you buy this other car wash and hire someone to work that one for the two hours you were told about, then that same person could go to the one you already have, to watch over it, later in the day. Interesting series, here. Mark, the real estate guy, and now Mark, the car wash and laundromat guy. Like a chain of car washes and laundromats. Very interesting.
I worked at Bear's Car Wash off 35th ave the bypass in the 80's. $4.00 an hour. It was a great paying job.
They completely redid that a few years ago
@@investfourmore nice. saw the old GW HS is no longer. Lots of progress
No, simple answer !
In North Carolina, I have trouble finding car washes or laundromats with a cap rate above 6%. I have found a couple of few hours away that are 9 1/2 cap. All this money printing is driven these things up way too much. If you can get that with the nine or above cap rate, then I’d snap it up because you have a synergy between your other businesses in the area. Good luck, Mark.
I love watching your videos - especially this cute little laundromat. Looks like a friendly little town. You have made it look so much better.
Thank you! 😊
Keep it simple. I would just stay put.
Always a money spinner in the UK add a manned service wash and your quids in
Yes, buy it. Looks like a good deal. I would have brought one. After I heard the price, I thought yeah, nah. Which is a Kiwi way of saying. No way Jose.
How about some temporary banners up while you wait for signage permits.
Hanging a temporary hand lettered car wash sign on the side of the building would probably increase business in the interim until you get the permanent sign installed.
wow. If you get this car wash, yeah you will need to hire someone to be there full time.
Car washes do make money but there is a lot of more to keep them up and going cost. In the Midwest they are used like crazy during the winter months. Just have to do your numbers see what they make a month.
4:40 That is probably an Oil-Water separator (OWS). You should have an OWS for your car wash. If you don't have one, you might want to check into it. In New Mexico the fines are something like $10,000 per day for violating the Clean Water Act.
yeah on the east coast most of the self serves have shut down because of recycling regulations.. which are stupid because we never are in a serious drought .. not like west of the Mississippi ... we never see any of that.
That is pretty darn impressive and daunting. Automatic car washes make me nervous. Cars so close behind me.
In my area hand wash Car Wash like this one is almost gone. The automatic car wash are popping up. The brushless are junk and dont get ya vehicles very clean. The other one with rotating brushes are scratching up vehicles bad. Ya go a decent wash those others cost more money to operate and will end up not a good profit. Plus $2 for how long it runs
Is there room to add more bays to your car wash? That plus adding machines to the interior (either to the other room or renovating) could be a good move. You're used to buying low and renovating, with residential, might be in the comfort zone with commercial too.
I'd buy the car wash , finish the laundry/car wash and sell.
The issue seems to be maintenance. This equipment (car wash) seems to be specialized. I think the key is you need to have someone monitoring operations and ready to do repairs and maintenance on an ongoing basis because if it's not working it's not generating revenue. Can you have a staff person to maintain your car washes? Otherwise I say doesn't make sense.
You know you want to collect those coins.
Just admit it.
It's like slot machines to you.
🤑
Definitely get it inspected by an expert if you consider getting it.
I should have mentioned this in my first comment, but funny thing is, once you started on this laundromat journey, I now keep seeing other channels about laundromats. So I guess at some point they'll show me car wash channels, too. Some of them look like they're such that I was thinking "Maybe I could send this to Mark, since it might help him along his journey."
Yes!!! 100% That looks like a great car wash!
@pabloescobar5850 To retire, or use the money for something else. I run a profitable business that I plan on selling next year.
@pabloescobar5850 TROLL. wish Mark would block you 🚫
There's a company in the city of Inglewood, Ca... used to be in a brick building between railroad tracks and Florence Avenue.... I can't remember their name, they build some of the most energy efficient car washes all self-contained recycling the water, very eco-friendly... the owner had a lot of very very interesting expensive cars, he had somebody coming in detail them on a regular basis... sort of like your fun car Friday crap...
.horrible neighborhood! ! Right next to a abandoned house. car wash has changed hands in the last couple of years I believe. I would wonder why. Why not buy the house? Its been empty for over 7 years. Also that motel across the street .Bad neighborhood.
Yes it did just sell and apparenlty the owner of that house has no interest in selling.
Why not be the car wash laundry baron? Go for it!
Mark I’ve been trying watching your videos for years and you inspire me a lot. I was hoping you can share with me how to look for businesses for sale? I’ve been saving money for years and I’m ready to be a business owner but not sure how to even look for a business in my area. Thanks again hope your having a great day
I have noticed that your car wash sign on the side of the laundromat is nor stand out enough. Are you not allowed to do a bigger or bolder sign? You do need to have black lettering on a lighter background to stand out. Ask a signwriter.
He had to apply for permits. Now it is just a waiting game. I think the signs will look so good and improve business. I am impatient for him. lol
I think you need to figure out what business has the highest profit margins with the least effort. That is much harder than you think because there are many factors and people that advise about businesses normally never ran a business. MBA Grads with a lot of theory and no practical experience giving you advice.. if you've ever visited the SBA Small Business Administration you will see a lot of that.. they don't really help you because they've never been there themselves.
I tend not to pay attention to them haha
Only if it plays CAR WASH by Rose Royce from the movie from the 70s
No!
Sûre. Buy it. This one looks like à real car wash btw...
top show
Mark ask your wife what she thinks🧐
Clever editing
Go ahead and Mark and buy it. The world is your oyster
I wouldn't buy it. Sometimes you got to save your bullets as it were. Besides, winter is coming. Cold, snow and ice...
agreed
But we Greeley folks need to wash mud & rock salt off fairly frequently even in Winter.
On the six bay- for $800k you need a proven income that would return that in a period of time- your :price of money will dictate it. And to profit you need a better return than just paying the notes-the six bay has at least six or seven different make up or mix tanks and chemical feeds which need constant monitoring and filling. An hour a day for the talent and trustworthyness for that would be about right. It still needs somebody who actually does the lawn mowing etc- right now it needs a high pressure and light chemical wash to get the crud off the fired clay surfaces. I like his dry drains- it puts all the oily crud and crap from washing a ton of cars in one place rather than some in each bay- you only need your vacuum contract guy ( you have found one- you will need him to pump out the pits in the little wash you have at some point. One person could run the CW early in the AM and then get the big laundry up and running each day, run equipment checks and such. But it really comes down to ROI- both on what you already have and what you propose. Btw, as pretty as those relay stacks- the round blue things mounted in strings with wires coming out of them- they are no joy to troubleshoot around or to replace- unless you do it at night when nobody hardly washes a car- like 10 pm. That was a shop designed and built set up, not ten years old, in good looking shape. If you take care of it and don't let any one butcher it up, it could last ten more years with a minimum of hard maintenance. Cat pumps will last about the dame number of wash cycles- in a busy wash 3-5 seasons easy- and only need rebuilding, at about half the cost of new pumps. Never throw any of that stuff away unless it it totally junk- you may need it as a core for the rebuild you also need. Yep, it's complicated; six bays without the bells and whistles is really only a little more complicated than your two bay. and as you have noted, it really puts an iron frame on a certain amount of your business hours time. But if the money is there, there is enough money with about four to six more bays to hire the "one guy"; do that, double in size and hire another "one guy" and put in all the accounting tricks- counters and meters that get recorded every day or scheduled point (if you are operating someplace you need rebar to keep the crooks out, daily is the only way to fly) you can keep the foolery to a minimum and records tight as a drum for any IRS or State Treasury reviews. But you can't do that and cover the rest of what Mark does; it's a business, not an income, as you noted.
No!!
No don’t buy it
Heeeeey it’s mark ferguson with invest for more. Hiiiiiiiiiiiiiiiii. You should buy it and get a bugatti
🤣🤣
Wassup
waz hapenin
700k offer is well it can make 12k to 18k months revenue if updated right
i would not buy one
500 k is the as much as I would go up to on price. Anything more is not smart.