I’m interested in getting into the laundromat business. I’m hesitant to lease, as I would be paying money each month that I wouldn’t get back and I run the risk of my rent being raised, and building a laundromat (whether buying and converting a general property or not) seems too expensive. So, I will likely buy a pre-existing commercial property.
Something I’d like to do to mitigate my risk is live on the property I purchase. Why pay rent for a separate property or buy two when you can just own one? Of course, this sounds quite difficult because of zoning laws- it’s possible that I won’t be able to find a laundromat to buy that is a good choice in a mixed-use zone. So, I’d have to either have the property rezoned or get a “conditional use permit” to build a small loft for myself.
Has anyone attempted this strategy? How realistic is it to get either a mixed-use property or convert a commercial one? What about placing an RV in the back of the property and living out of that?
I know this varies wildly based on local jurisdiction, but I’d still like to know. Thanks in advance.
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