What do you do when your well-paying corporate job just disappears? Well, if you’re Steve Andrews you kiss it goodbye for good!
Steve used his laundromat to escape the corporate rat race and find financial freedom through laundromat ownership and it this show he tells you how he did it and how you can do it, too!
Steve’s story punctuates the power that a well-run laundromat can have in transforming your life. While he was originally planning on buying a smaller, cheaper laundromat, when his corporate job disintegrated he had a decision to make. Should he update his resume and look for another job in the corporate rat race? Or, should he double down and buy a larger laundromat and use that as his escape from the corporate rat race?
In today’s show, Steve tells his riveting tale of his big decision and shares the results of choosing to go big with his Nashville laundromat. Full of valuable insight and experience, Steve’s show is full of practical advice to other laundromat owners and those who want to buy their first laundromat!
In today’s show, Steve and Jordan discuss:
- Real estate investments
- ROBs- Using retirement money to purchase a small business, like a laundromat
- Life in the corporate rat race
- Steve’s big decision to leave the corporate rat race and choose laundromat ownership
- Cash flow with real estate vs. cash flow with laundromats
- Tips for convincing a spouse of the merits of buying a laundromat
- What makes a great laundromat location
- Building vs. Buying a laundromat business
- Laundromat lease negotiations
- Laundry pick up and delivery business with Happy Nest
- Taking care of good employees
- Ensuring a good customer experience
And so much more!
Take out your notepad and pencil because you’re going to write some of this down!
Listen To The Podcast Here
Watch The Podcast Here
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Links from the show
- Videos of Steve’s Laundromat Buildout
- Good to Great by Jim Collins
- JD Dixon’s Interview
- JD Dixon’s Distribution Company- National Laundry Equipment
- Mike Kelly’s Interview
- Dave Menz’s Interview
- Marc Stern of Eastern Funding’s Interview
- Luke Williford’s Interview
- Laundromat Investor Resources
- Join Laundromat Resource
- Laundromat Resource Forums
- Laundromat Resource Blog
- Be a guest on the podcast!
- Sell your laundromat
- Laundromat Resource Coaching
Connect with Steve
Email: [email protected]
@washhouseclean (Facebook and Instagram)
I was born and raised in Nashville, TN (Go Titans and Commodores). I’ve been married to my wonderful wife Rachael for 13 years and we have 2 really cool kids Sophia (9) and Max (7). I’ve always loved playing basketball and baseball, but age has made that a bit tougher. After 2 torn Achilles tendons and no longer able to jump over a nickel, I was forced to retire. I love traveling and we plan to make a trek out west, hopefully in the spring or summer (so long as Covid allows it). I spent the first 17 years of my “grown-up” life in the corporate world working in sales and client management positions as well as managing operations teams. I was miserable most of that time just trying to battle my way up the corporate ladder. Stressed and overworked, I would find some solace in real estate investing. I also have my real estate license currently (its retired for now since I am focused on the laundry industry). We have owned, flipped, rehabbed, rented and lived in multiple properties in our 13 years and will probably do more soon. I’m thinking about doing some BRRRRs soon.
I LOVE the laundry industry. I currently own just a single laundry, but we are about to begin the demo on location #2.