First Business - Laundromat

I'm in the industry, you will not make a lot of money out of a coin laundry. If you have any questions send me a PM and I'll see if I can help out.

 

Australian $1 mule coin sold for over $2,000 | OverSixty

Keep a eye out for the dollar mule it's worth $2,000

 

Have you found many dollar mules?

 

Sorry, no.

 

Hi Goosehead did you end up buying the laundromat? If so, how did it go? Thinking of doing similar thing myself

 

Found this post as I’m thinking about doing the same and curious how you went @Goosehead?

@Squeakywheel are you still in the industry? Would love to learn about your journey if you don’t mind sharing.

This is still at “basement idea” stage for me and I’m concerned about the viability. I’ve been watching for sale posts on commercial real estate but also considering whether it’d be better to start from scratch. I know I’ll need to put in a lot of sweat into the setup and at least in the first year but in the long run hoping for this to be somewhat passive with a couple hours a week put in. Maybe someone can tell me that’s not realistic and what I’m not seeing.

 

I've never owned a laundromat but have considered a coin operated, no service one.

A work colleague owned one in Melbourne, his first business. Turns out there were quite a few local businesses on the books getting stuff done there. hairdressers cafes etc. It also turned out that shortly after he took over, most of them stopped coming. When he enquired why, it transpired the previous owner had offered them massive discounts but shown the normal pricing on his books. Once the discount period expired, a lot of them vanished. Dodgy books, average due diligence and he was advised he had a potential case for legal claim. Which costs money he didn't have.

So sadly that didn't last long for him. I would still consider having one myself but would also consider the fact that businesses that take cash can be used to launder money which will inflate the books. I'd have machines that take C cards and auto opening doors, plus take my dog with me to close up if I was in an area where people might value the takings more than me.

 

Yeah you don't want to be sent to the cleaners

 

Exactly. You want the business to have a constant rinse and repeat cycle.