We have had a vending business for awhile. They are profitable, my only advice to anyone interested is that, outside of the importance of the location of the machines, this is a volume business. It wasn’t until we had about 7 or 8 machines that it started making meaningful income. A coupe machines won’t bring in much but you have to start somewhere right? Great videos btw!
Great info, but I would advise anyone investing in a business that requires real estate such as a laundromat to purchase the real estate, don't rent and if you can't purchase it, don't buy or invest, dont even think about it. If you don't own the building, you don't own the business. It's a harsh lesson I learned. You are going to be paying rent, you might as well be paying a mortgage and build equity. Renting a building for a business is a bad deal in my opinion and I learned that from the school of hard knocks.
Nah. I have a few businesses and I rent the building. Most businesses around the world you rent the property. The is to have a good long lease and rent amount.
So all these people who claim to have multiple businesses, businesses that they suspiciously never show us, somehow also have plenty of time to constantly make videos, which is likely their only actual business.
great video however, I disagree. a laundro mat is not passive income. Passive income is not doing anything. I have a friend that owns a laundro mat and he and his wife work endlessly, as he explain to me someone has to empty coins out of machines, sweep, mop, wipe and sanitize the machines, clean the parking lot, go to the bank, open and close and so on. You also failed to mention, like anything mechanical, machines will break especially if handled by the public. Furthermore, he says a good 80 hours a week it the result. not passive in my opinion.
Making money is an action. Keeping money is behavior, but "growing money is wisdom'. I found this out a week ago after getting a $10,000 return on my $3,000 investment in 7 days
Using a professional is by far preferable. I've been in this field for years, but when I started working with Expert Mrs.Donna, my earnings increased. She genuinely made things simple for me. Just locate a decent person.
Everyone ignores residential trash collection. It has always paid my light bill. Plus I bill my customers 90 days in advance. Best kept secret in business!
Really hated the ROI on our vending machine business because of the amount of time it took to restock, including the buying of the stock,,, best day in the vending machines was when we sold them 🤣🤣🤣. You summarize it really accurately at the very end. Thank you
We had 7 machines in 2 good locations. A rec center where they had basketball tournaments and an office building lunch room. They made a ton of profit. I never looked at shopping stock as a loss. It just never bothered me. The only downfall was greedy hands stocking them. Otherwise, it was a great business.
$3 - $4K/month including a vending machine, Arcade machine, coin-drop machine AND additional rental spaces on top?! Sounds like razor thin profits to me! 😬
I've kind of been looking around my area too, but it seems they are hard to come by. That tells me they are a keeper for life. So I may have to wait for someone who is too old to deal with it or wait for them to die.
I love your videos, but on this one you spent 5 seconds on security systems which seems to be a more needed item in having a brick n mortar business nowadays.
Aside from the fact that Cody is an absolute sweetheart and a joy to watch, it's the sheer passion for her craft that mesmerizes me. I just want to learn
Laundromat is not really a thing in Europe. Every house and apartment has its own washing unit. Vending machines is actually smart idea, I am afraid that people would destroy it. I grew up in a city of 30k, there are 4 car washing locations. All except one are on land of a parking lot of a supermarket
Codie, THIS is the type of video I've been wanting that breaks down the cost, profit, time, "stats" if you will, etc. IF you could do more videos like this, I'd owe you BIG TIME! Sincerely, BIG TIME. Also, adopt or mentor me please. :) Your other video about, "...investing couple grand in "this", but you won't on "that"..." really spoke volumes to me. Again, thank you.
Yo do realized that when you speak to a 60% profit it sounds big, but on vending machines the volume needs to be high, so yeah if I was spending a 100K a month on snacks and drinks and getting that 60K return it would be great but to do so would require scale. That increases locations and time put in, so just on time it would increase per machine 1 hour and depending on the locations you run into other issues, such lease costs, shelf life of snacks/food, and then that 60% might not be 60 no more. Increased locations increases time and then decreases profits. But people still do it.
If you are making 60% profit, it wouldn’t be like giving a dollar and getting back .60. It would be like giving a dollar and getting back $1.60. If all you got back was .60 then you wouldn’t be profitable.
mind-blowing. here in Germany we have the same problem: small businesses dying. I buy at small businesses for support, but the idea to buy the hole thing alltogher is brilliant.
Heya Codie: Go wash my clothes, then get into the kitchen and make me a samwich, and count my coin-change and go gets me a Coke and bag of Doritos. Yup.
Codie on Vending machines and if you want to put them outside business premises you don't own. Any tips for what would be a couple good models? E.G. Model 1 you pay a rental on the space, model 2 perhaps you split costs and share profits.... Be good to see an analysis video on this please!
Codie, thank you very much for telling the good, bad, pretty, and UGLY. None of this appears to really be easy but I have heard that nothing good in life comes that way and have seen no evidence to the contrary. Maybe I misjudged you at first, Codie. Still seems to me that a laundromat needs to be watched most of the time it is open or vagrants will camp out in there, do dope, trash out the place, and discourage good customers. Watching and taking care of the place most often still looks better than working for close to minimum wage. Concerned about how much money will have to be set aside to replace all the machines which I doubt will become less expensive to replace. On the other hand, many of your ideas for acquiring a laundromat may work for other businesses too. Wishing nothing but the best for all those willing to work hard and honorably and strive to do unto others as they would have others do unto themselves and their families and friends.
I understand you're an expert but recession "proof" is a little misleading. More like "resistant" or "hardy." Also, history has proven that entertainment is the only industry able to withstand the test of time. People were starving during The Great Decision but they still went to the movies. Just saying.
Awesome video! The main question I always have: how do you even find laundromats for sale? Or any other business? Websites like LoopNet can't be the sole method of finding leads, and there is too much activity going on for me to believe everyone is just buying and holding for 10 years. A vending machine route? I've never seen one for sale, never seen one for sale even within 100 miles of my house. Start going to Rotary and Kiwanis meetings (in the US) and start talking to people? Talk to bankers? How do you find these businesses for sale where the seller is willing to finance you? Sounds like a unicorn to me.
I see these businesses for sale occasionally on Facebook marketplace and I've seen them on my local MLS. You definitely need to be searching for them since most businesses won't put up a sign saying "FOR SALE" even though some do. If you want a deal on a laundry mat first locate the worst one in your area. The worst one will be more likely to have an owner who doesn't care much for his business, and you can earn some sweat equity fixing it up the way you want it. Then approach the owner and ask if he's ever thought of selling. If he says yes then pitch him on owner financing so that he can keep making a paycheck and won't get taxed out the wazoo. There are many baby boomers retiring and wanting to sell their business but don't know how to or they are paralyzed thinking about the taxes they'll owe.
As usual thank you so much for producing great content videos they are very interesting I usually watch them from the beginning to the end. Your transitions are very cool keep them up.
Hi, I'm Álex, I really like your RU-vid channel, you have and show very good ideas for small businesses, I'm watching your videos learning many things that you teach, I'm looking for an alternative business that generates money for me when my current business does not generate anything, I I dedicate myself to repairing the hail to the cars, but when the hail season passes my income dries up to almost zero and I have to survive with what I save during the good season, I want and I am looking for something that generates money every month. 👍👍🇺🇸
I saw Codie’s interview on The Diary of Ceo a couple weeks ago and now I’m hooked! The contents that she produces are valuable and attainable for new aspiring business owners. Thank you Codie!!
Hey Codie! Thanks for shouting out my homeland The Bahamas!!! 🇧🇸🇧🇸🇧🇸 I’m actually laying up in the Bahamas watching this amazing video!! #islandhustle #digitalentrepreneur #242Bahamas
I plan on buying a coin laundromat with high cash flow of over 100K yearly how much money would I have to put down 200K? what app do laundromat business owners pay all their bills on??
Love this. I wish a rental property would have been included in the numbers comparison, but great content. I think this is what many of us beginners are looking for. I'm guessing this one will get TONS of views. Both of you are in my top 5 content creator list. Keep up the good work!!
@Byron Rogers Amazing videos and thank you for breaking it down!! Despite the economic downturn, I’m so happy I have being earning $63,000 returns from my $9,000 investment every 21 days, mr Sherman gorrson Introduce me to miravestocks I have being making huge amounts of profits.
@@InvestmentJoy I’ve been monitoring BizBuySell for six counties in my area since the pandemic started. I’ve attempted to negotiate on two laundromats and one car wash. There’s nothing available here and I’m not comfortable owning remote. Even sent one lead to Codie’s team (no response). I’ve tried a few other types of businesses as well. A landscape supply shop. Basically anything in my price range just to get started. Still sitting in cash. It sucks.
@@JoshPitts530 I would venture only 10 to 15% of the businesses that I've talked to pre-coronavirus would do any sort of financing so you just need to up your game a lot and get a hold of more people
Hello Codie, you are the best discover on youtube ever. I have a question, if I have properties that I got from my gramparents but need a lot of money invested in repair. What should I do?? Thank you :)
I just bought her course and she's def super knowlegable but I really just wanted to drop this comment to compliment how her videos have become soooooo fireeee lately! Tip of the hat to the production team!
I agree with Costco over Sam's. Another point, you can choose the type of snacks you want to sell, ie: 2 machines of snacks and 2 of drinks. ! pair for healthy snacks and the other pair for shitty snacks
Great video. I love the quality of switching it up from talking head to plain fun to watch. I'm taking pointers for my channel. Quick question. It seems that all these businesses are cash heavy. Seems like a con for each. When you scale up, how to you keep people from stealing from you if you're not the one emptying out the cash?
I have a tunnel car wash in my town that is sitting being unused. I would like to contact owner and lease it or pay him a percentage of sales if I run it. What would be a good price to lease a tunnel car wash or what percentage should I pay him?
Money is in busy markets, most people think busy markets are hard to collect money, but that is wrong. if you can create value, go to busy markets , a fellow creator
Add a bit of camera movement with the magical switch. When you jump up, move the camera up with you, when you jump down, move the camera down as well. Then the transition feels more real
The Rich stay Richby spending like the poor and investing without stopping then the poor stay poor by spending like the Rich yet not investing like the Rich
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Build all of them and combine them together. Car wash with vending machines and laundry next door own soap factory - with several vending machines on site
I wouldn't recommend vending unless you are on the more extroverted side as until you are larger you will have to do a lot of walking in random places and talking to people to get placement. If you aren't alright with that, don't bother. It is the easiest to get started of these three though (because of the fact that you can start with as little as one or two machines and grow from there). I recommend finding a placement before you order your first machine.
*Right now, starting almost any business is equal to shooting yourself in the foot.* *She doesn't talk about THE BIGGEST ISSUE in the market - "shortage of employees"* *In the odd job and blue collar industry - a huge chunk has quit their jobs and they are now doing deliveries - or ubers.* *They want their own hours and freedom to work whenever they want.* *Don't you wonder why there are HIRING signs EVERYWHERE? You've got these big business ready to pay $15 to $20 an hour plus benefits and yet they can't find people - who is going to work for you at $10 an hour with no benefits?*
Hello Codie. I have a story that you have to hear. This story is stranger than fiction. It is about a woman who stole millions from her family, individually and collectively. I watched your appearance on Diary of a CEO. I’m thinking of writing a book and publishing it. Is there any platform which I can contact you directly? Thank You!
Yeah, I hate Coca-Cola, too. I used to like Sprite, but only when they used to be made with sugar. Corn syrup is used in America and is a no-go, and Europe (at least in Greece) now uses Agave (or some other sweetener) instead of sugar...also a no-go. I think Mexico still uses sugar and, although I no longer have a habit of drinking the stuff, I bet their sodas taste better!
Two rentals upstairs?!?!?! That's a lot more than just a laundry mat! Probably a little embellishment on the description there. And you have two rentals and your profit is only 3-4k/mo? Not really impressed with that.
What can we start with the smallest amount of up front cash that can scale from lots of time involves down to little time with hiring, and how can we get started step by step?
I do own some machines and will say before the plandemic hit I was making pretty good money . During and after even now with shrinkflation not real good at all prices are high and the ounces are low. So I wouldn't say recession proof, but even in a recession you can make a little money the larger the cities of course increase the odds.
Every car wash of this type in our area has closed in the last decade. They have all gone to nicer drive through and the ones that were built by locals have already been bought out by companies like Zips. And zips is now filling in the gaps to cover the entire area.
i tend to go dark and think the mafia will force me to money launder at these cash businesses. perhaps even darker, the fbi and irs know these cash businesses are ripe for money laundering. why am i like this?
One MAJOR pro of car washes I would add to this is DEPRECIATION! In some scenarios, not only is the profit tax free, but you can take the excess depreciation and write it off against any K-1 income that you have.
Video transitions are on point! The audio channels could use some love. Take that left channel audio (voices) and make it mono (add some compression) then add some of the ambient sound from the other channel (cam mic) to 'round out' the sound.
First heard you on a podcast with Steven Bartlett a few days ago. Since then been binge watching your Yt like someone who just realised there are more than 2 seasons of GOT. Loving the content and have inspired me look into starting/buying a business. Was looking at buying a removal truck and employing a couple guys to do all the heavy lifting. Seems like a fairly safe bet?
instead of putting 5/6 or 8/9 like these number are they out of 10 and what is the scale. Nothing really to follow. Don't disagree that owning laundromats are a good business for multiple reasons but yeah.
