New Owner-Build or buy existing [Archive] - Coinwash The key to a successful Laundromat Business.

bubbleboy

11-20-2007, 01:56 AM

Hello All

I am a new investor looking to get into this business. Currently I am thinking about building a new laundromat, I already found a good location. I am working with a company that specialize in doing everything for you this include demographics, layout, equipment etc. Basically they will develop a turn key business for you. All you have to do is open the doors, do your marketing and operate.

The site I'm planning to build is about 2000sq ft. I ask my rep for a ballpark figure of how much it will cost. He claims it will be around 500K-700K. Is this for real or these guys are trying to make a real hefty profit for themselves?

fishmanz

11-20-2007, 09:40 AM

I'm afraid the answer is both. Starting from scratch costs more money than buying an existing location. Having someone do all the leg work for you is also more expensive. I estimate I saved about $30,000 doing everything myself. Not that your time is not valuable. I expect to begin making money in 5 more years when my machines and 2nd mortgage are put paid.

bubbleboy

11-20-2007, 03:28 PM

Is it possible if I buy the machine direct from the manufacturer? I think I can manage this project myself. How much does plumbing usually cost?

pete f

11-24-2007, 11:35 AM

Go to the building department and talk with them. Some city only a contractor can pull permits, some have high sewer tap rates, over $4000 per washer. $200 a sq ft for a store is not to bad, plus the cost of the land and building. Building new is not for the faint of heart and cash poor.

William

11-24-2007, 04:20 PM

Hello All

I am a new investor looking to get into this business. Currently I am thinking about building a new laundromat, I already found a good location. I am working with a company that specialize in doing everything for you this include demographics, layout, equipment etc. Basically they will develop a turn key business for you. All you have to do is open the doors, do your marketing and operate.

The site I'm planning to build is about 2000sq ft. I ask my rep for a ballpark figure of how much it will cost. He claims it will be around 500K-700K. Is this for real or these guys are trying to make a real hefty profit for themselves?

The best advice is to buy existing. The second best advice is that it will not be an investment, it will be a part time job.

Are "these guys trying to make a hefty profit for themselves?". Of course. As are you.