I'm a mechanic, my friend is an electrical engineer. We bought good used washers and dryers (over half worked) we fixed and upgraded the washers in one day. Same with dryers, one day. Anytime something breaks we're qualified and overly capable of fixing everything. Even plumbing and electrical. We made a LOT! Owned everything out right, no repair bills...if I had any advice, learn to fix your own equipment, you'll go from making money to being wealthy
Of course I can't compete with other's who has more. 💯 your video is informative and sounds good. This is an idea of mine, yet I don't have funds to do so now.
Ever since I started following you on social media, I started to take more notice of Laundrymats in my area...where they are located, the size, how long they have been around, the type of locations - I'm sure you know areas that do well are where there are appartments buildings without laundry rooms for instance....
Even with laundry rooms the rooms might be more expensive than the around the corner places IMO. If I remember correctly my place cost .25¢ or .50¢ more than the SoapandSuds.
Man, I've been told to follow you because i want to do exactly what you do. I've wanted the passive income, but didnt k ow where to start i k ow i wanna do more than just working part time. I have a really good part time job.
@@InvestmentJoy I like the owner financing/leasing it's just coming in with nothing as an option for money down is frustrating. I don't have thousands of dollars laying around. I have a full time job and everything I make goes straight to bills. I have looked into everything possible and no place wants to help or work with my schedule to discuss options.
If those are the gross numbers, what are your expenses so we can see what the net is at the location shown in the video? ~$100k gross projwcted for the year, but interested in net
Is this worth it??? the property is going for 130k seller is adjustable. It gross anywhere from 3k-4k depending on the time of the year and here is a list of the utilities and expenses. Gas 400 Edison 350 Adt 55 Water 200 Trash 75 Insurance 141 Rent 1500 1 80lbs Dexter washer 3 60 lbs Dexter washer 5 40lbs Dexter washer 10 30lbs Dexter washer 2 20lbs Dexter washer 10 Dexter dryers Age Varys from 2008 up to 2019
How do you go about starting a new laundromat? We have a area by me without any close and some new construction plazas I think it would be great there just not sure how to go about it
@@InvestmentJoy the wife and I will be going to a suncoast credit union to talk about loan options. We bank there and they’ve always been great so we are giving them the first opportunity. Still gonna go to a few places like you suggested.
I have a laundromat that I've been eyeing in my area but Im not sure if its a good price. The laundromat doesn't have a good reputation but I feel like if it gets an owner that cares about the business it could do really good. They're asking for 80k and I'm in Montreal, CA. There isnt any other Laundromats listed in my City so im not sure if this is a good price.
My grandfather owned a grocery store, it is profitable if the location is in a part of town or in a well populated rural area that doesn’t have one. If there is a dollar store, aldis, etc, don’t bother.
I SO want to invest in a carwash or laundromat (or some other similar business). I make good money at my full-time job but I absolutely HATE it. I have monetary resources and an outstanding credit score for additional financing if needed. But, it's a little scary to just leave what I have and take a chance on something that I'm not sure will succeed. I'm 55 and I've been at my current job for a long time but, I want out of that hell-hole!!
I'm not sure if I went into detail on this video but I know I have on others if you've got a decent job I would say start spending time and resources on finding somebody that would be a good business partner that might have some skill sets that you don't personally have right now that would also carry the load. My business partner on my car wash operation works at a nuclear facility, so me being the independent business owner unable to counterbalance the things that he can and cannot do as well as his time availability since he's working through the week.
save your money. If you do not have emergency money and some other savings. I would suggest you do not use that money. But if you have a truck / van and swanky neighbourhood around you. Why not pick up things people throw away. Brandon's brother runs a second hand appliance shop that repairs stuff like washer, dryers , fridges ...
What in your background can be monetized? What needs are in need of being filled in your area. Find a need, fill a need. It took me till I was 43 to figure that out and haven't looked back. Good luck!
@@pauljanicek1872 kinda well said. There was a kid that would get paid to take the bins out on garbage day and put it back. 10-20 bucks a house/month and half his neighborhood which grew later on. It was a convenience that was cheap for people and solved a problem for a lot of people.
I would start off by dollar cost averaging on broad range ETFs that solely invest in S&P 500 type of strategy. Then I would start looking in your community local to you what there is a need of. Maybe it's dumpster rentals maybe it will end up being a laundromat or car wash, maybe it's solar roof power installation all the money in the world is locked up and fulfilling other people's needs. Especially if they're really willing to pay for it
Correct but some of these businesses that aren't making money can be easily turned around. In the case of Casey where he was given two laundromats 100% seller finance. The old owner wasn't aware that his nephew was stealing tens of thousands of dollars a year from the business. He fired the nephew and immediately the business made pretty decent money
@@vincentb2175 I've talked about the deal in many videos - but we have a guy down south that got TWO with $0 out of pocket because the owner's nephew was stealing ~$65k from the collections a year, thus the owner thought they were unprofitable. Simple fixes & firing the nephew resulted in ~$125k/yr net quick.
You are correct. Since the revolution I fear my proper English has gone to the wayside. Only to replaced with grunts and ungodly howls that are similar to a cow being eaten alive by a prehistoric reptile.
@@InvestmentJoy how to tell though? It's unfortunate but lots of places already offer laundry machines. I noticed this laundromat had many machines but one running On a weekend. So I guess it's slow. Might be worth buying and changing it to something else and selling it all off
I'm not sure if you're aware of it but I own seven other businesses and of everything social media is kind of in the middle of the income and I have three other businesses that make more money than I do on RU-vid and tiktok.
