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  #1  
Old 02-08-2016, 02:05 AM
Storx Storx is offline
 
Join Date: Jan 2016
Location: Holiday, FL
Posts: 9
Default Slightly Confused....

So i have been reading a lot of stuff on this site when i have the chance to learn about the business, because i really want to try it out and maybe earn a larger ROI on the money i have to invest, but im unsure what to honestly look for as firm reasons that an existing location is worth the purchase, i understand that the 2 posting i posted previously the rent on the business was to high... but the ones i found that the rent is much lower compared to the income of the property, they are still sitting on the market, but the 2 i posted that had pretty high average income but very high rent.. sold like 2-3 weeks after posting on the market..

I really want to try the business out, im finding a good selection of 60-80k locations for sale with average income in the 18-23k/yr postings... looking at these as a full on cash purchase.....
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  #2  
Old 02-23-2016, 11:50 AM
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goingtoarizona goingtoarizona is offline
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Location: California
Posts: 435
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Obviously I don't know your financial situation, but I would be inclined to be much more patient in our search. You state you have cash to invest. It is much, much easier to part with money than it is to earn and acquire it. A mat with 18-20k income may not have any NET income. Machine repairs, plumbing repairs, vandalism, all take money off the bottom end. With what I have learned the hard way, I would not enter this business unless I bought or BUILT the BIGGEST and BEST laundromat and be the gorilla on the block. If you can command a larger piece of the the laundromat business in a metropolitan area you will do well. Other wise you will be lucky to match savings return rates.

Business is not a guaranteed return. Everyone wants your money, the MULTIPLE taxmen, landlord wants to raise your rent, or kick you out for a higher paying tenant, customers want unearned refunds, and thieves want to break in and steal you blind. If you're willing to take these risks, with this fore warning, good luck and GOD SPEED, otherwise consider yourself warned.
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  #3  
Old 02-23-2016, 12:04 PM
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Coinwash Coinwash is offline
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Join Date: Oct 1999
Location: NY
Posts: 2,989
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Quote:
Originally Posted by goingtoarizona View Post
Obviously I don't know your financial situation, but I would be inclined to be much more patient in our search. You state you have cash to invest. It is much, much easier to part with money than it is to earn and acquire it. A mat with 18-20k income may not have any NET income. Machine repairs, plumbing repairs, vandalism, all take money off the bottom end. With what I have learned the hard way, I would not enter this business unless I bought or BUILT the BIGGEST and BEST laundromat and be the gorilla on the block. If you can command a larger piece of the the laundromat business in a metropolitan area you will do well. Other wise you will be lucky to match savings return rates.

Business is not a guaranteed return. Everyone wants your money, the MULTIPLE taxmen, landlord wants to raise your rent, or kick you out for a higher paying tenant, customers want unearned refunds, and thieves want to break in and steal you blind. If you're willing to take these risks, with this fore warning, good luck and GOD SPEED, otherwise consider yourself warned.
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  #4  
Old 02-23-2016, 02:06 PM
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mike mike is offline
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Quote:
Originally Posted by goingtoarizona View Post
Obviously I don't know your financial situation, but I would be inclined to be much more patient in our search. You state you have cash to invest. It is much, much easier to part with money than it is to earn and acquire it. A mat with 18-20k income may not have any NET income. Machine repairs, plumbing repairs, vandalism, all take money off the bottom end. With what I have learned the hard way, I would not enter this business unless I bought or BUILT the BIGGEST and BEST laundromat and be the gorilla on the block. If you can command a larger piece of the the laundromat business in a metropolitan area you will do well. Other wise you will be lucky to match savings return rates.

Business is not a guaranteed return. Everyone wants your money, the MULTIPLE taxmen, landlord wants to raise your rent, or kick you out for a higher paying tenant, customers want unearned refunds, and thieves want to break in and steal you blind. If you're willing to take these risks, with this fore warning, good luck and GOD SPEED, otherwise consider yourself warned.
Philosophical question:

Will a statement of reality crush a dream?

Hint: find a new dream.
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