I loved loved going to the laundromats for the peace of mind. Able to read and meditate while the laundry was going. You own businesses and those businesses are valuable in the long run.
Do you own the apartment too? When you say the laundromat is worth $30,000 do you mean IF you sell it today it's worth $30,000? How do you figure? Get more comfortable chairs. People will love you for it. Do you have relatives who can help you and you give them a stipend instead of a wage? How can a tiktok video help the business? Not understanding that. What would you sell on Tiktok?
I know someone who owns a laundromat in a remote area (its much bigger then this place and is empty a good portion of the time). So he started offering laundry pickup/drop off service to a more populated area in towns near where he lives. I think he does laundry service for businesses as well, upscale restaurants that have cloth tablecloths, country clubs need tablecloth and towels cleaned, etc.). Most of his business is the pickup/drop off laudry service now (I am not sure what he charges for the pickup/drop off but the income in the towns he offers the service too is high, with dual professional couples that are very busy, so many of them hire lawn service as well.
The back building maybe consider renting for a 1. Used tire shop. 2. Auto detail shop 3. Add oversea containers and rent for storage space. 4. Auto repair shop 5. Small used car lot 6. RV Boat storage 7. Small feed store 8. Small coffee shop with outside seating 9. Recycling center 10. Welding shop 11. Food truck set up space 12. Tiny farmers market 13. Tiny reseller spaces market. 14. Food/convenience store.
PRETTY PLEASE DONT GET RID OF THE SMALL LAUNDROMAT! If you could get the shop rented and add a bigger front loader it would be worth holding onto! THE LITTLE LAUNDRY THAT COULD!
Heard from one resident that putting in bigger washers will help with the sales. But the wooden floor can’t handle it. Been thinking about pouring in a concrete slab to get the bigger ones into the laundromat. Try to get the other wash up and running might bring on more money. But you done a lot in improvements new machines to looking nice from inside and outside.
My opinion is that you should get the attachments that enable your laundry mat and car wash to accept credit cards instead of coins or along with coins. You could also get those loyalty cards that give people a small percentage discount to load money onto a card, creates a stickier relationship with customers. I'd be curious to see your valuations of the first laundry mat prior to purchasing it. What did you estimate the cash flow to be once you get everything up and running?
Definitely figure out a way to generate income from that back building! Good upgrades to car wash, laundry and apt. You might want to add another folding table in the laundry.
The capital costs for a laundromat are high because of the washers and dryers. However, on the labour side, it quite cheap. You don't need to hire any employees. You can even install a change machine. So, everything is automated. I would imagine the owner need to do some minor clean up and the emptying of the change? But, that's a 1 man job.
DO NOT PAY ATTENTION TO NEGATIVE PEOPLE RE objecting to travel between several small businesses!! Life isn’t about sitting at home or a basement on the IDIOT SCREEN!! I bet you’re a Happy Person and your jobs give you a purpose for getting up and around everyday. Especially as we get older we need to stay as busy as possible. Thank you for this Delightful Laundromat Video!! 🌺
I see from my comments, many people still not get it. Business is hard. Something about the quarters brings out the slot machine mentality and people who have never run a business.
a guy in a small town got nearly all the biz cuz he gave 3 min more on his dryers..and 2 min more on his car wash..he had put every penny he had into it and no one knew he owned it so making comments to the guy that cleaned the trash and mopped the floors worked to his benefit..he expanded w a pizza take out, video hutch(when vcrs lived) and he bought the bar across the street with a drive thru beverage..turned the bar into a pool hall..makes a fortune from them, and most his income now is from the drive thrus and car wash/laundry..rents the other buildings out, passive income only
I know it’s a small town but one thing I remember from a video is you mentioning how much the officials from the town appreciate you fixing up this laundromat. You can’t quantify that but it’s quite the contrast to the interactions you’ve had with the town your diesel shop is in. So in the future if you did something in Kersey Im sure you’d have the towns full support.
maybe, it is one thing to say its nice to have the business up and running and nice looking but it is another thing to actually get permits and approvals.
Some tried to warn you it was too small. I think that one laundromat guy said to make it into an apartment. 🙃 But I think you owning this small laundromat got you into contact with the person liquidating the other washers and that somehow led to the Greeley laundromat. So all in all, maybe this is just how things were supposed to go. I personally would be looking to sell it off now at this point if the back shop can't be rented and you can't bring in bigger machines due to the floor issue. It's going to be a boat anchor. You can still get your quarter fix from the Greeley one. 😀
Have you thought of adding cell Tower on your roof or billboard passive income on the structure already or mini split and solar would be beneficial for that property also for the car wash you should run a Special Tru out the week to get more attention
recently moved to a small rural town and theres a laundromat in another town near me and its the only one with 30ks of travelling but its been closed due to vandalism ( note on door) but it looks like the owner never really did anything with it, not sure what was vandalised but inside still looks okay from the outside, machines might be old? i have no clue( police station 15 meters away too :( ). the owner owns the large building with the laundromat that would be similar size to the small one at the start of the video and next to it is a job network group and a car parts store assuming these businesses paying rent to him. then there is a couple fast food joints in the same car park which get a lot of traffic, the owner was running the laundromat himself but he also owns a motel down the road so maybe it was just too much effort for him? Would there be a good way to get involved with the laundromat and take it over? Would be a first time for me.
Just a suggestion, but you could make the bedroom into an area where you could fold and deliver laundry for addtional income. Open up the window space, folding table and two chairs. The apartment then becomes a studio.
Don’t sell the small one put bigger machines in it’s great comparing the two that’s the fun of watching lol😂and your being community spirited another great reason to love your videos
Have you decided to not pour the slab and add the big machine at the little laundromat? I would think that would boost your numbers once word got out. I missed it if you addressed that. Has the property itself increased in value? No matter what you decide to do you definitely made everything WAY better than it was when you bought the property.
could you split the big building in the back into small units for a small storage building? No sure how big it is, but you could build walls inside and have some 5x5 units and 10x10 units etc. earn money that way off that building
The problem is, you should never buy a laundromat or at least not your first one.. I know there are many disgusting laundromats you could’ve took over with a lease agreement.
That is because it was not rented the full year. I used actual numbers that came in for the year and then divdied by 12. So that monthly shows what the current income is but the total reflects the actual yearly numbers.
I looked at the Google reviews of the other laundromats in Greeley. Yours is among the best. Three of the others look like museums! Are they really that bad?
Yeah, what a winning proposal! Spending half your day running around from business to business collecting quarters counting them, taking them to the bank flipping machines stockpiling goods going to Costco to purchase sodas running back to your business to fill up the machine! Your logic is bent. You don’t invest your time and money into a huge time so that you can get a tax write off. These businesses are perfect for somebody who’s low income and could flourish making $40,000 a year. But for someone with millions of dollars in real estate, they’re an absolute joke and they’ve just soaked up all of his time for actual chump change. I know it’s just a hobby for him and he’s enjoying it so that’s cool but the real exit strategy is going to be when he doubles his money when he sells these terrible businesses and gets his money back for the real estate and all the BS invested. But the time is something he’ll never get back.
You paid too much. My parents ran a good one for 9 years. They paid 1x yearly income just for the business (no land) in a 3 million ppl city located inner city. Most of your income should come from 1. Local residents. We were located next old walk-up apartment blocks with shared laundry facilities. Full of singles. Drop off in morning and pick up evening. Families won't use laundromats. 2. Local businesses. Hair dressers, hotels are good customers 3. Dry clean drop-off. You are a collection point for the local dry cleaner. Ironing shirts and pants you do yourself. It was run mom and pop style. It was long hours and around a 60 - 80hrs/wk job. Location is extremely important for laundromats. People won't travel far to get their clothes washed. Funny you have a car wash too. My ex gf's family had a successful car wash. Location is incredibly important for those too. It needs to be on a busy road. Setting up one on cheap you can do by buying a failed business on a good road + signage where u can enter and exit easily.
A couple of thoughts: I know of a couple of laundromats in small towns that are open 24 hours. I think the conveience would increase sales. What about using solar water heating? Not photovoltaic panels, but a system specifically designed for water. What about filtering your grey water and recycling it? I would not try to expand a laundromat in that town, and the reason is that it is easier than ever to put a washer and dryer in your own home. What would happen if you dropped some or all of the insurance? Are the vending machines on the front porch where non-customers can access them easily? What about offering a wash, dry, and fold service?
@@mauij777 Okay.. So what I did was take the yearly numbers and divide by 12. Since the rental was not rented all year long it made the numbers smaller,. I could have done it better but I think I explained that. The current income figure is more accurate because it was just the last two months.
It’s been one year since we’ve seen a decent Real Estate video. I don’t know about other people, but I’ve states subscribed, but I don’t even watch the videos anymore. I came for multi million dollar real estate deals, not to watch some dude with his hobby counting quarters every week. There needs to be a spin off channel for these cute little projects.
And I have replied to you multiple times that there are still more real estate videos than laundromat videos. Yet, you never comment on the real estate videos so do you really care about them or just want to complain? there were 10 real estate videos the last week. Did you comment on any of them?
You say it taught you a lot, but it clearly didn’t teach you to pay attention to what it’s teaching you :-) The lesson here is purchasing multiple Ranky dank small businesses that you have to visit constantly upkeep constantly drive between constantly visit the bank constantly for hardly any profit. Obviously, it’s a hobby and that’s cool. But I think we all know it’s a pretty loser situation add an age where most people are looking and diverting their lives into making money with the least amount of work as possible so they can enjoy their life not be a slave to 30 K a year business that hardly pays its own taxes :-) But hobbies are hobbies.
