May 26, 2022 at 10:10 pm #15857
I am not a seller I am a buyer as well. I am looking for a group of people who are currently in the process of buying a laundromat or are in the market looking to buy one.
I have met a buyer like myself in one of those online seminars hosted by brokers for laundromat buyers. We have exchanged our contact information and have been kept in touch. They have found a laundromat for sale and have initiated the process of buying it. They are in the very initial stages of this process. I am still looking. We are chatting back and forth and they are sharing the information about laundromat with me. I am being an extra brain and helping the with the initial scoping of the business and due diligence process, and giving them input on what I think about the current prospect. They are getting input from a second person on this important decision, I am getting experience from being exposed to the information provided, and researching/using my own knowledge and providing them feedback. I am not a broker, but someone who has done their research in this. When I find a laundromat and start the buying process I will also share the info with them and they will provide feedback.
We maintain communication via text on a weekly basis, upload documents and provide feedback, insight/opinions to one another.
I am looking for 4 other individuals to join my personal text messaging group and we can exchange information and knowledge and help each other/provide details for “due diligence” to anyone in the group going through the process. It would be a good learning experience for everyone and the person going through the stages, will have free input during each step of their acquisition process. I don’t want anymore than 4 other individuals, as once we get anymore than 6 people total in the group, you lose efficiency. This connection will be useful as we exchange tips/experiences, issues running our first laundromats till the years to come.
I am in the Los Angeles area.
To the Moderator of the forums: I am not here to take away members or steal potential customers. I am only here to meet some people (3-4 at most) solely for the purposes stated above and who I will maintain constant contact with now and future as well.
The thread in these forums are great, however they lack substance. There’s a lot of threads, but average reply is 3-4 replies; with barely any follow up posts. Personally, I prefer fewer pages of threads, but a long page(s) of replies to the same thread/topic.
June 1, 2022 at 2:56 am #15918lasoaper starsParticipant
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June 1, 2022 at 7:21 pm #15997
I have been looking to purchase a laundromat for a few months now. I have walked away from a few deals that at first seemed great but had too many question marks. Not sure if your looking for someone from NY to join the group or if you prefer LA based people but if you are I would love to both help the group and learn from them as my journey continues.
June 3, 2022 at 12:04 am #16423Eradzh SattorovParticipant
How is search going in NY. Hope you found some good deal by now.
I live in NYC as well and looking to buy my first landromat in Brooklyn, NY.
Any idea how can I get free coaching from here? Any help appreciated
June 3, 2022 at 4:56 am #16425
I see many laundromats for sale 8n Brooklyn on Bizbuysell and Bizquest, I thought about looking at some of those but determined they are too far away. My search is predominantly on Long Island and maybe in Queens. I have yet to make an offer but am close. So far the best thing I have done is talk to several knowledgeable people in the industry that I have found through this website. I joined the pro membership here and had my first consultation with Jordan. You get one free consultation when you become a pro member. I also spoke to Brian Grell from Eastern Funding and he was a book of knowledge. Basically I have learned how important it is to take your time and find the right place for you. Don’t buy into the broker trying to sell on potential. Potential should not be factor3d in when determining * the price. I went into a laundromat yesterday , it’s in a Great area and perfect spot, the broker told me to go see it by myself and that the owner did not speak english. They want 280,000 for the place, it’s small and I was told the machines were 16 years old, well I have seen some old machines that look great but these looked like they had been through a war. Many were broken, the place itself was old and broken so you know it has to be a total redo. I called the broker and told her my thoughts, and I asked for the last year or two’s utility bills. The broker said once you make the offer they will provide,ugh always the case, I told her that if they want 280 there is no way they will accept my offer but she said to make one anyone.
Things like this happen a lot in my brief experience, to me it’s worth 0 -50 k, it’s a shithole in an amazing area. The crAzy th8ng is that people were inside it doing laundry and they had a lot of folded laundry in plastic bags.I know this place could be a goldmine and that the area would love a brand new place, the question is how much can I afford to pay for a place and pay rent while I do a complete redo.
I also fo7nd a distributor who has been a great help,gives a lot of great free advice over the phone and knows a lot about many of the stores 8n. Y. His name is Michael and his number is (516) 650-2899. Good luck and I hope my journey helps you a little.
June 3, 2022 at 7:54 am #16428Eradzh SattorovParticipant
I asked for an advice got a masterclass. Thanks for sharing your knowledge and experience. I started with idea if building new one thru distribution help. I have 120k for construction snd finance the rest. Still confused how this financing works and bug numbers scares me little bit. For now looking for an decent existing laundromat to buy so I can rely on past income numbers. I will save Michael number and mention David passed it on to me.
Also for some reason i see a lot landromats in Queens and Long island.
June 7, 2022 at 6:41 pm #16571Alex AllevaParticipant
ive also experienced the same thing as you. Like Jordan has said in the past the price doesn’t matter at all. The one thing I don’t like is making a offer on something without knowing financials. Unfortunately it seems the way it goes. I guess ultimately your backup is getting securing financing. No offer is binding but it definitely feels weird throwing random numbers at people.
June 7, 2022 at 6:00 pm #16564
I apologize as I have been busy with a few things.
I won’t mind even if you’re in a different state as the whole process should be the same, minus a few exceptions due to different rules and regulations in each state. The other person in my group he is currently in Hawaii. The whole point of the group is sharing of knowledge, information and experience.
I am still looking and haven’t found the right one.
My contact is 805 501 9725. Send me a text message and let me know who you are and that you’re from the laundromat resource group.
June 23, 2022 at 7:49 am #16803Jeffrey AprilParticipant
Hi guys ,
In in NY as well, and looking to buy a pre existing laundrymat, a few that spark ny interest, but I. Dont know alot of what to look for or what to ask, I wouldn’t mind being in a group messege to learn more…
June 28, 2022 at 9:09 am #16863Jack YiParticipant
I’m also in the market for a 1st laundromat purchase and also focusing in the Long Island/Queens area. If you guys are interested in the NY metro area, let’s set up a meetup over coffee. I feel like getting in on this as a community works better than going at it alone. Anyone interested? I got interested in the laundromat business because my previous position was a finance director for one of the largest laundry service providers in North America. I’d love to share what I know of the industry.
June 28, 2022 at 5:15 pm #16868Jeffrey AprilParticipant
July 5, 2022 at 5:40 pm #16919Michael VanParticipant
Dante, I just text you regarding joining the group! I think this is a fantastic idea and it’s always great to have people to be able to bounce ideas off of!
David, that’s a major bummer about some of the places and you doing the numbers but them not budging. Maybe it might be time to get creative if you truly think it could be a goldmine. I wonder what a brainstorm sesh could do since you’ve already taken the hardest step of all and that’s making an offer!
Would love to chat with either of you so let’s keep the thread alive!
July 9, 2022 at 10:56 am #16980Roger SerigstadParticipant
Hi everyone. I am searching to buy a laundromat. I am in the OC/LA area. Does anyone have any contacts or suggestions on finding a laundromat that is for sale? I am new to this process and still learning. If anyone wants to even do a JV in a laundromat I am interested as well.
July 9, 2022 at 10:35 pm #16984Ocean VanParticipant
hey Dante, I would like to join the group text as well. I currently live in OC area and just started on this journey. I’ve been prepping an Excel file with all the analysis tools from the resources on this website. Also went to a few local laundromats to get a sense of what a laundromat business looks like.
I think one challenge that I have, and I think everyone does, is access to data to “practice” due diligence and get a sense of what the market looks like. Or should I just find a broker, go through a few deal analyses and learn as I go?
Hope to connect with others who are on the same journey.
July 12, 2022 at 2:42 pm #17007
I’ve been getting a lot of text messages and responses of individuals wanting to join the group. Join the discord group:
Introduce yourself, everyone has a story, they share it on there, share yours after reading other’s stories. Make sure you state what state you’re from. Someone may be from your state, that person will be your buddy for this endeavor.
July 12, 2022 at 3:57 pm #17008
Sorry its been awhile since I have been on here. Life became very busy. Since my last post I have looked at about 8 laundromats and made offers on two. Unfortunately both laundromats I made full ask offers on were taken off the market. I spent a lot of time looking at the laundromats , visiting them several times each, but mostly just passing by to see how business was at different times of the day and different hours before I made an actual offer. IN both cases I was not allowed to speak to any of the workers in the laundromat so it definitely felt weird walking in, looking around, taking pictures while the workers stare at you. In one case I was unable to speak to the owners because they did not speak English, I made the offer and after one week they decided not to sell it anymore. I was told they were selling because the wife was extremely sick but I guess she recovered a few weeks later. anyway I can explain more about my experiences in the group. I have a few more on the radar now, some further away than others. I have found a great distributor who has helped me a tremendous amount. I also had a great conversation with Chris Michalek of Prime Capital Financing who is a great help. I refuse to pay all cash because I believe we need the help of these experts for the due diligence faze. Speak to you all soon.
August 7, 2022 at 12:38 pm #17277JuanParticipant
Hello David et al,
Thanks for the update. Keep trying. You are on the right track. Are you leaving your contact information with most or all of these places? Keep working on your list and coming back. You never know. As you can probably very well aware, life happens. I’ve known Lmat and other business owner that have gone to “I’m never selling” to I am ready to sell, retire, take care of family, divorce all sorts of things. It’s all about timing sometimes.
I could’ve purchased my 2nd mat several years ago but I couldn’t pull the trigger due to my work / career commitments and outlook (Made and still makes no sense to walk away from all of the perks associated with my career). Looking back, I made the right choice in keeping my single Lmat and continuing with my career in parallel.
Relevance and point is simply that there are times that the business opportunities will sometimes fall on your lap with minimal effort. Other times, you have to do lot’s of footwork. The added bonus for you is that you have now evaluated multiple locations and should be in a position today where you know more about the business, the equipment, the customers, and the industry.
Keep up the good work, diligence, and good luck to you.
August 7, 2022 at 3:44 pm #17279Oladimeji SonibareParticipant
My name is Oladimeji. I live in NYC and it’s really densely populated. There’s a laundromat on virtually every corner, still this is where I’m looking to begin. Any advice?
I’m also looking for a capital partner, if anyone’s looking for passive income.
Thanks in advance!
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