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Reaching Financial Independence With a Laundromat!

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NVest

Contributor
Jan 23, 2020
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I recently purchased a laundromat with the hopes that it would contribute to my financial independence. I currently work on contract and save a significant portion of my income, and this opportunity came up so I jumped on it.

The laundromat is very beat up but also very popular. I've never owned before so it is a learning curve, but the cash on cash return is so far phenomenal considering I just stop by every morning to check on the attendant, the store, and meet with customers.

My plans are to give the whole place a facelift, set up a wash dry fold service, and provide some newer machines, all purchased with the revenue from the laundromat.

Currently it grosses about 250k per year with a net of 80k. I'm confident I can double that with the wash dry fold, but time will tell
.

I'll be posting updates here and on youtube.

 

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OP
OP
NVest

NVest

Contributor
Jan 23, 2020
6
22
13
Nice work! Did you purchase off a listing or was it off market? Did you get financing? What kind of diligence did you do?

Sounds exciting.
Yup, found it on bizBuySell and thought the price looked great for the revenue they were reporting (which ended up being inflated of course). I got an SBA loan thankfully, great terms. 5.6% 6 year term. Due dilligence was honestly excessive as I had an experienced lawer take care of a lot of it, but the main ones were last 12 months of utility bills, bank account transactions for the last 12 months, 3 years of tax returns, reviewing the existing leases and contracts, inspecting the laundromat, etc.
 

TreyAllDay

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I recently purchased a laundromat with the hopes that it would contribute to my financial independence. I currently work on contract and save a significant portion of my income, and this opportunity came up so I jumped on it.

The laundromat is very beat up but also very popular. I've never owned before so it is a learning curve, but the cash on cash return is so far phenomenal considering I just stop by every morning to check on the attendant, the store, and meet with customers.

My plans are to give the whole place a facelift, set up a wash dry fold service, and provide some newer machines, all purchased with the revenue from the laundromat.

Currently it grosses about 250k per year with a net of 80k. I'm confident I can double that with the wash dry fold, but time will tell
.

I'll be posting updates here and on youtube.

I'm excited to learn more about this. I've wanted to start buying properties like this myself.
 

BellaPippin

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Jul 16, 2015
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A LAUNDROMATTTTTTT:eek::fire: I have a thing for laundromats and I have no idea why, I've mentioned it several times here--
Following. How much did it cost you to buy it, if I may ask? I'm just curious. Is it popular because of it's location, or were the previous owners good neighbors/known?
 

BellaPippin

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I purchased it for 225k, the owner was not able to take care of it and wanted to get out. I have a lot of people ask about it and made a pretty in depth video on it.

HOW I BOUGHT MY LAUNDROMAT
Oh sweet! I will watch it on my commute. I don't know what it is with me and laundromats! Haha
 
OP
OP
NVest

NVest

Contributor
Jan 23, 2020
6
22
13
Got a new update out, all of the walls are patched and primed, demo is done, new internet and phone service is getting installed, and I am shopping for new vending machines.

The video is mainly about how I structure my life to enable me to keep business ownership in line with my values and family vision, so check it out if you're interested in the topic.

View: https://youtu.be/xoKjXl80AA4
 

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