Is it better to buy an existing laundromat or build new for 1st investment?

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  • December 14, 2023 at 10:05 am #28092
    jeffrollo33

      I retired a couple years ago after a 23 year career in multifamily real estate investing and I’m now getting bored. I’m looking to buy my first laundromat and am trying to decide whether I should focus on buying an existing laundromat (perhaps a struggling store with turnaround potential) or build new. Fortunately, I have the money to go either route so financing is not a key consideration in the decision-making process. I’m mostly wondering if building new is too complicated/ambitious since I have no experience in the industry. On the other hand, buying an existing store could mean I’m just buying someone else’s problems. I would appreciate any advice and recommendations from successful, experienced folks in the industry.

      January 26, 2024 at 12:07 pm #28343
      Racheal Mark
      Participant

        Great post

        January 29, 2024 at 8:20 pm #28350
        Mac Andrew
        Participant

          Exploring the laundromat business post-retirement is exciting! With your background, you have a solid foundation for this venture. Purchasing an existing laundromat offers immediate cash flow and a customer base, though it may come with existing challenges. Building a new one allows customization to market needs but requires more effort in establishment and customer acquisition.

          Regardless of your choice, consider adding a Wash And Fold Laundry. It’s a popular, convenient feature that can significantly boost revenue. Thorough market analysis and maybe advice from industry experts could also be beneficial. Good luck with your new venture!

          October 16, 2024 at 11:34 pm #31087
          James Will
          Participant

            Whether you buy an existing laundromat or build a new one, both options have their benefits! And while you’re figuring it all out, a cozy Basic Pullover Hoodie is great for staying comfortable.

            October 28, 2024 at 11:42 am #31454
            Alexzander Greenfield
            Participant

              Hi Jeff,

              I’m reaching out as a business owner myself who is design a new product/app designed to boost foot traffic and revenue for laundromats, which will revolutionize the laundromat sector. I’m interested in learning more about your specific needs and challenges, and other pain points like other owners on this forum to gather some more intel while building this app. It would be helpful for you as you are beginning your journey, would you be available for a few minutes to connect on 12 questions? If preferred I can post here for you to reply direct.

              Any feedback from any of you is greatly appreciated.

              Would like to also extend above to the other contributors on this thread as well.

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