Tom Donnelly has built the life of adventure that he wants through investing in real estate and laundromats and he wants to tell you how he did it! Traveling the country in his RV, Tom is invested in 30 rental real estate units and a laundromat and has never seen ANY of them! And yet, he’s living a life of freedom and adventure!

Tom got his start in laundromats through soliciting laundromat owners in a wildly successful direct mail marketing campaign! He talked about it on the Laundromat Resource Forums (links to the topics below). From his acquisition strategy to his management strategy, Tom has been operating on a different level.

In this interview with Tom, we talk about:

  • His background in investing
  • How he got into real estate investing
  • His multiple investing strategies
  • Remote ownership
  • His direct mail marketing campaign to buy his first laundromat
  • Negotiating seller financing
  • Negotiating the acquisition of a commercial building
  • Tips on successful partnerships
  • His plans for the future
  • Working with distributors
  • His strategy to get things done
  • Gobundance Mastermind group

And much, much more!

Listen To The Podcast Here

Watch The Podcast Here

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Tom's Bio

Born and raised in Chicago, IL for the first 31 years of my life.  Moved out to San Diego for better weather and a more active lifestyle in 2015.  I lived there for 5.5 years and just made the move into a 40ft fifth wheel RV trailer with my girlfriend Erin.  We are now working and traveling on the road full time with no end date in mind!  The goal is to be on the road for 3+ years if we can make the new lifestyle work.

I’ve been buying up properties in the midwest and tennessee since 2018 and currently own 12 buildings (a mix of small multifamily, airbnbs and one commercial building – which is where the laundromat is).

I first heard about laundromats as an investment through a networking group I’m apart of in March 2020.  Someone posted in the FB group that they had an opportunity to buy a few but didn’t know anything about them.  I saw a few owners respond with great things to say and I decided to connect with them directly to learn more.  I also found the Laundromat Resource podcast at the same time and starting learning as much as I could to solidify my conviction that this was a good asset to invest in.

Long story short, I was convinced and reached out to two buddies of mine who expressed their interest in partnering.  We put together a list of laundromats we were interesting in buying, started calling them with no success.  This lead to a mailing campaign to about 60ish stores with a couple of good leads coming back.  One of those leads we closed on in February through seller financing.  We also bought the commercial building it sits in after calling the landlord for a new lease and realizing he was ready to retire.  The store grosses $160k/year and has been beaten into the ground with old machines, poor upkeep and mismanagement.  We’re in the process of turning that around!  

Our goal is to acquire one other laundromat in 2021 and operate in the top 10% of store operators.

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    Episode Transcript

    hey what’s up guys it’s jordan with the
    laundromat resource podcast
    show number 50 5 0
    50. i can’t believe we’ve made it this
    far so so excited and pumped
    to be here with you 50 episodes and just
    really humbled that we’ve made it this
    far and not only that but we’ve just
    been growing
    by leaps and bounds way beyond my
    wildest beliefs so
    very very cool and very very fun and
    hopefully you guys are learning
    a ton about business and about
    life and uh just you know enjoying every
    second of
    of the journey uh today i’m double
    pumped because not only is it episode 50
    i want to have somebody special on
    for the big 5-0 and we do have someone
    special on his name is tom donnelly
    you may have seen him if you’ve been
    over on the forums he had a couple of
    posts a little while ago
    about a direct mail campaign uh that he
    did that was like
    crazy wildly successful in fact led him
    to the laundromat that he just purchased
    uh i’ll link to both of those forum
    posts down below if you’re on youtube or
    on the show notes page
    which is laundrymyresource.com show
    50 show 5-0 big one wow
    um but if you want to check those out
    check those out there uh but yeah tom
    is uh he’s a real estate investor just
    bought a laundromat
    relatively new owner and is actually
    traveling around living in an
    rv uh brand new thing that he’s doing
    and does the interview from his rv very
    cool
    and uh man i mean you got to hear how he
    pulls this off it’s very cool so
    super pumped about that speaking of the
    forum over there i just want to
    encourage you
    stay active over there a lot of
    like just cool conversations happening
    over there questions getting answered
    but more importantly even than the
    questions that are getting answered over
    there and there are a lot of good
    questions there’s a lot of great
    information going back and forth over
    there
    but even more importantly than that in
    my book and it’s a theme that’s going to
    come up throughout this whole episode
    is uh there are people getting to know
    each other
    over there in fact it was really cool i
    was looking at the new member
    introductions forum
    and i’ll link to the forums down below
    it’s just laundromat resource.com
    forums and there’s a new member
    introductions forum there’s a cool
    little mastermind happening over there
    with some people in georgia
    uh somebody introduced themselves over
    there and then a couple other people
    from georgia
    started connecting they started sharing
    phone numbers and bam now they
    just have like a group that they’re uh
    working together getting laundromats so
    very
    cool get connected man this
    my whole thing with laundromat resource
    is
    i want this to be something by
    laundromat owners for laundromat owners
    and so making these connections not just
    with each other but with other people in
    the industry
    that can help you succeed in this
    business super important to me
    so head over there there’s a ton of
    conversations going on there’s valuing
    laundromats
    that are losing money i thought that was
    a really interesting topic conversation
    i’d love to hear what some of you guys
    have to say about that
    um in the laundromats forum uh coin box
    capacity retool estimates i mean there’s
    just like a lot of questions happening
    over there a lot of discussions going on
    so go ask a question
    answer a question be a part of that
    community and again
    start making connections that’s what’s
    going to uh
    leapfrog your success and shortcut the
    time it takes for you to find success in
    this business is starting to get to know
    people in this in this industry
    and helping each other out so make sure
    you’re doing that
    let’s jump into it with tom donnelly and
    hear about this very unique way he’s
    owning laundromats and how he’s living
    his life
    tom thank you for coming on the show man
    i am super excited to hear your story i
    know you have
    like a really cool thing going on so
    thanks for coming on man how are you
    yeah man i’m good thanks for having me
    i’m excited to be here oh dude it is my
    honor and privilege and i cannot wait to
    hear
    your story because i mean we were
    talking a little bit before this and
    dude what what you have going on is like
    super cool so
    want to hear all about it but before we
    do why don’t you tell us a little bit
    about who you are and like maybe give us
    a background on you
    yeah yeah excited to share everything
    i’ve learned so far so
    yeah um tom i am originally from chicago
    moved out to uh san diego about five and
    a half years ago
    and then this uh these past two months
    made a big transition my girlfriend and
    i moved into a 40-foot fifth wheel rv
    trailer um big transition
    yeah no man so we love being on the road
    we love being able to travel
    and coal would put a big damper on that
    last year
    um you know we go on multiple
    international trips a year we couldn’t
    do that last year so we said all right
    it’s the next best thing let’s get a
    trailer and let’s try and make this
    thing work so
    we are about seven weeks in um loving it
    you know as i was telling you before the
    first month was pretty hectic trying to
    figure out the space and all that but
    we’re settling in we’re getting into
    that flow state we’re figuring it
    out and we’re loving it so far so
    yeah i didn’t go too far i’m out here in
    palm springs which is
    two and a half hours from san diego so
    yeah still a familiar place
    which i think was good for the first
    couple months and uh
    yeah we’re uh we’re heading out of state
    here this weekend so
    yeah probably won’t be back down to
    southern california until next december
    yeah until it starts getting cold you
    gotta retreat back to the
    safety of the socal warmth yeah exactly
    yeah we’re both from the midwest so once
    that snow starts coming down right now
    we’ve got a little bit and yeah retreats
    of the sun
    dude that’s that’s wild man i could
    imagine uh
    i mean i just moved uh last year in like
    august
    and we actually moved to a bigger house
    but still like the amount of stuff that
    we got rid of even to move to
    a bigger house was wild i can’t even
    imagine
    going from like that to
    like a 40-foot rv yeah
    it’s you go through like a purging stage
    where
    we did it over six months we’re selling
    stuff on apps and
    craigslist and facebook marketplace and
    then you get to a point where you’re a
    couple months in or
    like i’m just giving it away i can’t
    sell anything else
    people not showing up you know
    negotiating prices i’ll start giving it
    some friends putting stuff out in the
    alley
    but yeah you know
    it’s hard to let go of it at first but
    what you do it feels great um
    we literally packed up everything that
    we had
    and we put it in a small u-haul it was
    like eight five
    four feet drove it out to the fifth
    wheel we picked it up in
    utah at the end of january whatever we
    had in that u-haul was pretty much
    everything that we owned um so yeah we
    just started
    loading it up the day we got there and
    we still realized we still have too much
    stuff
    so kept purging this would probably take
    about another month
    to just go through more material items
    all right do we actually need this or do
    we just want it
    um you know overall i think we did
    pretty good my girlfriend aaron did
    did great you know we’re sharing a
    closet now and
    uh you can only have so many clothes
    you know in a 10-foot closet so whatever
    fits in there is what we have
    yeah that you’re sharing a 10-foot
    closet you’re sharing yeah
    holy cow man well i mean it sounds
    pretty wild and
    uh i just i mean it kind of reminds me
    of like a a yard sale where you have a
    yard sale and then like
    sunday afternoon like everything that’s
    left suddenly becomes free
    you know you’re like discounting it
    throughout the day and then at the end
    of the day it’s like free like just take
    it
    and then people are buying one thing
    you’re like here take four other things
    just take it
    it got to the point where our friends
    were like stop trying to offload your
    stuff on us because
    that’s funny yeah but pretty cool
    process and
    not one that you would typically assume
    a
    laundromat owner can you know
    can like a lifestyle that you can have
    so
    i’m interested to hear about that
    but let’s get into your your journey
    toward laundromat ownership because i
    know it started
    more in real estate right
    can you tell us a little bit about like
    where you were and then how you got into
    real estate and then
    we’ll go from there yeah yeah so i had a
    um a 10-year sales tech job
    that i just left in september and
    three years ago 2018 you know i had
    money sit in a savings account
    and it wasn’t making any money so i was
    literally at that point where i’m like
    all right what do i do with this money
    how do i help myself achieve financial
    freedom that was always one of my goals
    so
    you know just looked into different ways
    real estate at state was one of those
    things that always kept popping up
    i didn’t know much about it the only
    experience i had was a condo that i
    bought with
    an x you know years before and we lost
    money when we sold it
    in the real estate crash so i was turned
    off by it for
    a couple of years there but that was
    just me owning that personal primary
    property i didn’t know anything about
    the investment side so
    once i started digging into that and
    learning about it
    listening podcasts reading books you
    know it’s one of those things like most
    investors you get addicted to it yeah
    why why didn’t i discover this you know
    10 years ago
    so we went i went from
    2000 that was actually 2017 i started
    learning
    um consumed as much content as i could
    within about six months and then made
    the decision
    like hey it’s time to buy a property um
    i was out here in san diego didn’t want
    to put
    any of that money towards real estate
    out here because i was looking for
    passive income
    that was my goal over appreciation so
    look back in the midwest
    i ended up landing on omaha
    properties were really cheap there so i
    found the lowest property
    you know made some contacts kind of
    found my boots on the ground there and
    just built a team
    um and then bought a couple properties
    there that went really well
    over the first couple of months which
    you know led me into
    some more properties buying airbnbs in
    tennessee
    some small multi-family up in michigan
    um and then most recently the laundromat
    and the commercial building that the
    laundromats in
    so you know that’s that’s what happened
    over the
    scope of those three years um
    the biggest decision for me was leaving
    that comfortable job that i had for ten
    years this past september
    because you know money was good um
    i was working remotely so i have to go
    to these meetings but
    you know i reached the point i reached a
    point where it just wasn’t fulfilling
    anymore
    and telling people the situation that i
    had on the outside they looked at me and
    said you’re crazy why would you leave a
    job like that
    but honestly i was probably three to
    four years overdue
    um there were some changes happening
    within the company which
    it was just kind of a sign from the
    universe hey this is time to get out
    and you know go deliver some of your
    passions and do the things that you want
    to do
    take this investing thing to the next
    level
    wow okay well let’s
    let’s back it up a little and okay so
    you bought
    out of state in omaha first right
    and that went well how did you choose i
    don’t want to get too far into the real
    i mean i’m like
    i love the real estate side so i i do
    want to but you know it’s a laundromat
    podcast so
    but a little bit i mean i think there’s
    a lot of overlap between we’re kind of
    talking about that
    between real estate and laundromats and
    a lot of people who own laundromats
    own real estate and a lot of people who
    in real estate
    should own laundromats so i do want to
    talk a little bit about
    uh real estate uh so how did you pick
    omaha as your market
    yeah from san diego right
    yeah right so i i had about three other
    markets i was looking at bigger markets
    like indianapolis detroit
    and cleveland and a buddy of mine in san
    diego had worked for
    he works for a landscape architect firm
    that does these big projects around
    different cities
    and the cities that they’ve done them in
    property values they’ve appreciated if
    they were somewhat close to that part
    but this company had just won a bid in
    omaha
    and he’s like have you ever thought
    about you know looking in omaha to buy
    real estate
    no but that led me to starting doing the
    analysis
    and i’m just seeing the scope of okay
    here’s what it’s done the past 10 years
    here’s what happened in
    in the real estate meltdown it didn’t
    crash as hard as a lot of the other
    markets
    um so there weren’t really any red flags
    it was a pretty stable market not huge
    appreciation but also not these huge
    massive crashes like a lot of other
    markets so
    to me it was the less risky
    um approach for my first investment so
    yeah flew out there and met with a
    couple people and
    after that you know started buying
    properties you were there
    i love it and then but then you didn’t
    stay
    in omaha and you went to other markets
    so where’d you go next
    i went to michigan next so
    i’ll tell you a fun fact i’ve actually
    never seen
    any property that i own or the laundry
    method i own
    anything that i’ve bought which is
    it’s it’s funny but i’m also at this
    point where i just booked a trip at the
    end of
    the end of april to go to tennessee to
    see the properties and then drive
    to atlanta to see the laundromat
    um ended up in michigan because we’re
    going to talk more about that
    in a little bit yeah we’ll talk more
    about that
    up in michigan because i had a buddy
    that i met through a real estate
    mastermind
    group that he was living there he had
    already owned some property
    he was raving about the passive income
    properties were
    dirt cheap you know you’re talking like
    80k for five unit
    um and you know cash and cash return and
    all that good stuff
    was really high so all right we’re not
    also not that risky we could put some
    money into it we’ll get good returns um
    it’s about a couple there and then
    ended up going down to tennessee
    afterwards which is
    another story in itself okay so
    so you i mean basically you decided to
    go
    from omaha to michigan because you had
    another buddy who
    was looking there too so you guys just
    decided okay well
    you know this worked out okay in omaha
    so let’s go to detroit
    basically and uh not even detroit
    these are smaller municipalities so
    one of them’s like bay city they’re
    actually around big city michigan
    so smaller city um again i was looking
    for
    passive income and now this huge
    appreciation place so
    to me it was appealing so
    okay what i’m in omaha now i have a
    couple properties there let’s diversify
    a net
    you know a little bit next that one
    seemed like the next best choice because
    my buddy was already buying properties
    there and having success
    yeah very cool is it is it like a
    rough neighborhood is it what they call
    a war zone or is it
    it’s just a good market no yeah c class
    b minus properties um mostly blue collar
    you get some young white-collar people
    in there yeah
    not not rough neighborhoods by any means
    um
    yeah just c-class low-b class
    neighborhoods
    okay i i don’t want to like i want you
    to
    tell any of your real estate secrets
    without anybody buying your
    999 course but are you i mean are you
    finding i’m just kidding i don’t know if
    you have a course or not but yeah i
    don’t know i don’t have requests to sell
    but
    yeah do it before this podcast goes live
    and i’ll link it
    uh the uh how are you finding these
    deals are you are you going through like
    a like a turnkey
    or are you looking on mls are you
    hooking up with real estate agents what
    are you doing to find these properties
    yeah hooking up with agents and
    wholesalers so and when i decided omaha
    i went on the bigger pockets forum i
    reached out to about
    30 people that were listed as agents
    two people replied these two guys ended
    up being partners one of them was a
    wholesaler
    the other one’s kind of an agent
    investor
    um so once i sync up with those guys
    those guys seemed pretty legit
    they already had their boots on the
    ground one guy was holding a local real
    estate
    association meeting every month so flew
    out there to meet those guys
    show them that i was serious and just
    you know liked everything that i saw
    with them
    um some pretty stand-up guys pretty
    straightforward and then they
    turned me on to lender local lenders um
    property management companies so it kind
    of almost snowballed so
    you know all that stuff that you’re
    learning from podcasts and
    people that have been doing this years
    before like oh it’s all this is actually
    is true like once
    you you meet one person there has
    somebody else to refer to you and
    as long as you find the solid first
    couple people you know they’re going to
    turn you on to
    other people that you want to work with
    yeah yeah because
    i mean it’s true like the best people
    work with the best people
    right and if you want to become the best
    you got to work with the best
    so if you find the first couple of good
    people then you’re
    you’re in good shape because they’re
    going to be working with good people
    that’s how they
    got to where they are that’s awesome
    okay
    so all right so you went to omaha you
    bought some properties
    you went to michigan you bought some
    properties and you thought
    i know i need to go to tennessee like
    what how did that happen
    oh i was going north and i’m like all
    right what’s the opposite time to go
    yeah um so
    through that real estate mastermind
    group i was a part of
    the two guys wanted to get into the
    airbnb management space
    um so the three of us ended up starting
    the company
    and we managed at our highest point i
    think like 22
    airbnbs they were spread out throughout
    the country
    um a person that we met who’s from that
    like tennessee
    i think he’s from florida he spends a
    lot of time in that tennessee area
    he’s raving about how big a vacation
    rail market is and there’s
    there’s like 12 million people that go
    through that market per year
    it’s pigeon forged gatlinburg basically
    all
    cabin rentals and it’s within like
    eight hours driving and i think like
    i don’t know 20 or 30 sticks some crazy
    number like that so a lot of people can
    just hop in their cars and drive down
    there and that’s
    why their family um
    we got turned down to that market ended
    up
    um didn’t manage any properties there
    we kind of researched that market for
    about six months and we’re just seeing
    the appreciation that was going on we
    started
    connecting with other investors that
    owned properties there
    and they were getting these huge returns
    and they weren’t spending
    an astronomical amount of money on
    properties now a little that has changed
    with the way the real estate market’s
    been the past year yeah um
    but i ended up buying my first property
    there
    like two weeks before covered hit so
    like my calendar was booked out for two
    three months
    this is an airbnb property right it’s an
    airbnb
    it got white for like two weeks
    but then after that it was for
    the entire year like
    you know almost the entire year um
    i had maybe one to two days of vacancy
    on that property per month so it ended
    up
    going from like this big old crap moment
    to
    okay this is actually working out really
    well and the research
    you know what i’ve seen uh this this
    market do in the past during crashes is
    kind of holding up so
    there’s something to this you know let
    me put some more effort in there so real
    estate-wise i’ve put
    more resources time and money into that
    market as well
    yeah yeah and i mean it makes a lot of
    sense if you can’t really go
    there’s no like hotels and there’s
    nowhere to go with your family
    right then the airbnb actually makes a
    lot of sense to
    be able to still get away a little bit
    and
    be with you so yeah and that’s you know
    i’m looking at the book and you got
    these couples and families driving up
    from detroit
    new york carolinas people just wanted to
    get out of their
    house and go somewhere but they weren’t
    flying anywhere so
    uh i got you know grateful and lucky
    that
    that property worked out as good as it
    did last year because if
    it was complete opposite way we’d be
    having a much different conversation
    yeah yeah no kidding pretty crazy
    well yeah that had to be scary though
    initially
    when everything just shut down and i
    could
    i could imagine you know and i feel i
    feel for all the uh
    like the business owners and you know
    stuff where
    in the tourist industry all over where
    you know people either had been going or
    had just opened up
    and then everything just shut down and a
    lot of those people aren’t
    aren’t coming back you know so that’s
    that’s tough so i’m glad it worked out
    uh because like you said we’d be having
    a different conversation or maybe no
    conversation at all right now
    or maybe not yeah yeah true okay so you
    got into airbnb so not only were you in
    a different market
    you you went for a different model of
    real estate investing
    also good but
    that was not enough excitement for you
    so what happened after that i mean
    what did you do from when did you buy
    that airbnb like a year a little over a
    year ago
    yeah it was february of 2020. okay
    13 months ago yeah okay um
    you know as you can tell by now i like
    to diversify so i don’t like putting
    all of my eggs in one basket in one
    market so it’s all right let’s jump
    around and you know if one market
    doesn’t do so well
    there’s other properties in this other
    market to hopefully take care of the
    losses
    of the other one if needed um
    so about that same time when i purchased
    the property
    i was telling you it was march 2020
    um part of a mastermind group for
    abundance
    and somebody had posted in there hey i
    have an opportunity to buy two to three
    laundry mats in out of california
    i know nothing about them anybody in the
    group own them or the good investments
    and literally there was i think there
    was like
    15 to 20 replies and then everybody was
    tagging
    like the same career four guys like talk
    to this guy you know he owns one and
    this person has been in the industry for
    a while we kind of watched that
    conversation play out
    and it just got the wheels turning i
    didn’t know anything about laundromats
    um reached out to a couple of those guys
    that were
    commenting and tagged on at fred one of
    them being ken wimberly who is
    one of your guests and you know talked
    to him and
    he had all good things to say about how
    his i think he built
    if i remember correctly he built a new
    store that was going well
    there’s some other guys who’ve been in
    the industry for like 10 years
    and they basically all said the same
    thing you know if you buy it right
    um and and you’re going with the right
    expectations and you try and be within
    like the top 10 to 20
    of operators there’s no reason that it
    won’t work
    you know as long as you do your due
    diligence when you’re buying a store and
    it’s in the right area and all that
    so you know once once i heard that
    i was already kind of convicted um
    which i started doing some research on
    google and that’s when i actually came
    across your podcast
    so hey showed up on google all right
    the first podcast i ever listened to
    about laundry mats was
    the episode with you and dave men’s and
    you know hearing that one like i
    remember i think i was driving
    to like a personal training session and
    listen to it there and back and i was
    all fired up and i’m like all right
    this this is gonna happen like just
    gotta decide where we’re going where i’m
    gonna do it if i’m gonna partner with
    anybody
    uh do i wanna do it alone and you know
    kind of figure out all those
    all those steps yeah that’s a i mean
    you got suckered man because that was a
    good episode to
    get suckered by uh and if any anybody
    listening right now if you haven’t
    listened to that episode it gets
    mentioned a lot on here because
    i think that one really stands out to a
    lot of people and it’s by far
    the most popular episode of of all of
    them it was episode two so i’ll put a
    link
    uh in the show notes or if you’re on
    youtube it’ll be down below in the
    description
    uh if you want to check out well if you
    haven’t listened to it or watched it
    just you need to if you have any
    interest in laundromats because it’s a
    really really good
    episode so yeah okay
    yeah a lot of value and you’ll get
    pumped up because you know dave who’s
    now
    dave the laundromat millionaire men so
    check out laundromat millionaire
    and his youtube and his website and
    stuff he’s got a lot of cool stuff going
    on
    um but he’s he’ll get you fired up man
    because he’s passionate about this
    industry
    so all right so you got suckered by dave
    manns i’m gonna blame it on him
    god second yeah okay so
    yeah i know gosh man
    i’ll put you in contact with him so you
    can give him a piece of your mind
    uh so um
    okay so you got you got excited you got
    pumped up and so
    yeah so what’d you do from there yeah i
    got pumped up and started thinking
    through it
    and just writing out ideas and what was
    realistic
    so i this was march we’ll call it march
    of last year march april
    i had already known by that point i
    wasn’t staying in san diego and that we
    were going to hit the road
    so i kind of scratched san diego as an
    option
    for even buying a laundromat there
    because we wanted you know
    somebody to be in that town to go check
    on that thing we didn’t if we needed to
    so reached out to my buddy matt who’s
    the guy i’m buying real estate with
    michigan and said hey
    i got a great new investment idea
    laundromats
    and literally his response was laundry
    mat
    yup laundromats he’s like okay
    and i just started getting into it and
    i’m like nice great dude and
    literally after a day or two of talking
    to him
    i think maybe he did a little research
    he’s like all right i’m in what are we
    doing
    like all right great let’s start
    reaching out to the owners in new york
    city he’s in marquette michigan
    there’s like five six stories maybe
    seven
    max like we’ll build a list of all the
    stores we’ll start calling them
    we’ll put together some letters and
    we’ll send them out so did that
    got calls back from three of them i
    remember specifically
    uh when it wasn’t going to work in this
    market like
    two people call me one of the owners
    wanted
    500k for a store his store was gross in
    40k a year
    with not operating income of like 15 to
    20k
    so i’m like you know okay like what a
    bargain
    incredible thanks for the discount
    yeah seriously and then had another
    conversation that was similar to that
    and the other people that i talked to
    just weren’t interested in selling yet
    so we kind of just planned to speeds
    you know with the ultimate down the road
    something will change
    so then we him and i were kicking off
    you know the wheels are turning down
    we’re kind of
    okay what market are we going where do
    we know other people
    so we ended up talking to todd who was
    down in atlanta just north of atlanta
    he’s another guy that i’m not in a real
    estate mastermind group so we had
    already known each other for a couple of
    years
    only matt and i had done the real estate
    deals together
    we haven’t worked with todd but we’ve
    been talking with him he’s buying real
    estate on his own
    um you know also looking to get out of
    the rat race so
    reach out to the side he loved the idea
    right off the bat
    um he grew up in like atlanta metro
    area so he just loves that whole area
    and everything that the markets have to
    offer
    so i was like where he kind of sold us
    out of that market and he’s like there’s
    hundreds of laundromats down here um
    let’s start reaching out to them i’ll
    have my wife basically build out
    a list of the ones that are within the
    proximity
    of where we want to be and we would
    actually want to purchase them
    that’s how we ended up going down to
    lenin
    you know literally within two months
    it went from just me to me and matt and
    then we met
    todd and then we really honed in on that
    atlanta market we said all right this is
    where we’re gonna make the deal happen
    so you know one of the things i i kind
    of tell myself when i get into
    um a new industry or investment
    is i’ll give myself like three months of
    good solid
    research to either make the conviction
    or not make a commission and then once i
    make that decision
    it’s it’s either time to take action
    you’re onto the next thing
    so it’s kind of at that point we need to
    we need to pause right there and if
    you’re listening to this you need to
    rewind it about 15 seconds and
    listen to that again i can’t tell you
    how many people
    i do coaching calls with who have been
    thinking about getting a laundromat
    and researching laundromats for years
    sometimes literally decades right
    and what i love about what you just said
    is you put a set timeline do your
    research
    in three months you can learn everything
    you need to know to be able to get
    started
    in laundromats you can if you know if
    you’re working at it
    put a timeline on it and then
    and then put it to action if you make a
    decision and if you’re gonna go for it
    then do it
    and if not then don’t do it and look for
    your next thing i love
    love love that yeah i want to put that
    on like a t-shirt or
    a poster or something because that’s
    amazing i love that it’s so good it’s so
    so go listen to that again pump yourself
    up it’s gonna be great
    put on some eye of the tiger when you’re
    listening that’s right yes get real
    pumped up
    that’s right i love that
    okay sorry i mean sorry i know what to
    do okay keep going no no
    no no i’m glad i’m glad that i was a
    valuable nugget
    um but yeah that you know going back to
    that it was like all right
    learn everything you can in three months
    maybe even sooner
    and then it’s either time to make the
    decision keep moving forward and move on
    to something else so we
    decided to keep moving forward narrowed
    it down to atlanta
    we built out the spreadsheet of about
    call it 80 stores that we were calling
    most of the time we couldn’t get past
    the employees there’s a couple stores we
    talked to the owners
    you know they weren’t interested they
    kind of have this weird perception that
    you’re a telemarketer that you want
    something from so
    you know just explain like hey it’s it’s
    me and two other other investors we’re
    looking to buy our first laundromat
    area we buy real estate um we’re
    interested in buying your store
    they didn’t get anywhere with that for
    about a month
    then we said okay let’s send out some
    mailers so
    you know i i didn’t never use the mailer
    um
    system at that point so i literally did
    like just type them all out
    and wrote all the envelopes and sent
    them out
    so i don’t know it took maybe four or
    five hours in a day
    um i think the hardest thing was licking
    all the envelopes
    and then getting them to the funny
    stamps on them
    from usps and within a week
    we had people calling us and out of
    those 80 mailers
    i think maybe 12 12 15 people
    called now given only three of those
    were
    real leads um we still kind of
    gained interest from about 15 people so
    just seeing that response of that first
    mailer
    honestly i didn’t expect to get more
    than one to two calls if any calls
    because it was our first one
    and you you never know right like in
    real estate markets could be pretty
    saturated with mailers and ads
    so i was just taking you know what i
    knew from that
    i’m like okay we’ll get maybe one or two
    calls maybe none we’ll just do this on a
    monthly basis well we got all those
    calls um
    we ended up getting a laundry amount
    under contract
    within i think like maybe two weeks
    after doing that
    um once we got into due diligence we
    started figuring out the owner was
    hiding
    maintenance costs and things weren’t
    adding up right like todd went there on
    a sunday to coin collect
    and her husband accidentally coin
    collected the night before even though
    she knew that we were coming that day so
    we just started there’s a lot of red
    flags so
    after about a month we’re like all right
    we’re excited we have this one under
    contract but is it really the best
    decision
    decided no so we scrapped it um
    moved on to the next lead which you know
    there was there’s two other ones
    um the one which we ended up purchasing
    ended up being a really good deal um
    happy to get into the numbers if you
    want me to
    right um you know this guy lived out in
    west coast he was in california he
    bought this laundromat
    in 2013. he thought it was going to be
    more
    passive than it actually was um
    and the thing he didn’t want to put the
    money into it to get it to where it
    needed to be
    so this thing was kind of being run into
    the ground but still making a decent
    amount of revenue
    so you know we get to talking to him
    um wants to sell the thing within a
    couple of months
    so we get into the details okay how much
    revenue is it making
    you know how old and machines and chains
    were some of them were like 40 or 50
    years old which is absolutely crazy
    maintenance costs were 1000 1500 bucks a
    month just
    for machine repairs um
    a funny not so funny story we actually
    had one
    uh almost kind of catch on fire that we
    had to take off
    out of the store so these things just
    need to go
    so you know we’re looking at his p l
    and there was really no uh net profit on
    it
    so i’m taking what i learned like how do
    we value the store we’ll use it 3x to 4x
    multiple off in that operator make them
    alpha zero
    yeah what’s that i said three to four
    times
    zero for the yeah
    yeah so you know i’m having the kind of
    conversation with him i’m like this is
    how we value him
    you know he’s got this thing depreciated
    to the sense
    for tax reasons so i’m like
    and you know maybe we’ll offer you 40
    grand for it
    just put dealers out there so i’m not
    going to take that
    i bought it in 2013 for 175.
    i let go of it for a hundred thousand
    you know me matt and todd i’ll talk
    about it okay well
    you know what if we pay him a hundred
    thousand but we tell him he’s got to do
    salary financing and carry the note for
    seven years
    so we did that um we said hey we’ll put
    down ten percent we’ll pay the hundred
    thousand
    and we just needed to carry the note for
    seven years
    at this rate a five percent rate said
    okay
    okay great like we’re in this laundromat
    it’s gross in 160k a year
    um you know it’s got three employees
    that are running the store so we don’t
    need to be there every day
    and everything just kind of aligned with
    it we didn’t have to put a tiny
    ton of money into it it didn’t seem like
    a huge risk to us
    when we went and hadn’t bought it so
    we did that got into due diligence
    the owner was very transparent about
    everything the costs
    and maintenance and you know what he’s
    paying employees
    and all that so everything just kind of
    aligned we didn’t feel like there was
    anything
    we were going to walk into that was
    going to kind of be like the you know
    crap moment when we purchased it
    did it turn out that way yeah for the
    most part
    so so yeah we get this under contract
    and while it’s underneath
    hold on real quick i want to go back is
    this one of the mailer
    uh the mailers leads that you got okay
    this is longer than that
    okay i mean i remember uh when you
    posted about
    your mailer experience on the forum uh
    and that i mean that thread i think
    really ignited a lot of people
    on the on the forum because people were
    like holy cow like you had that much i
    think everybody was kind of surprised at
    how much
    success that you had and i mean you
    basically said hey i have all these
    leads i can’t do anything with them like
    what
    what yeah i think anybody interested is
    there anything
    like i can do with these leads uh i
    remember i remember that and like
    people were pretty excited about that so
    okay yeah this is one of those how did
    you get the addresses for the mailers
    out of curiosity we just sent them to
    the laundromat so we didn’t we didn’t
    actually call the
    owners mailers um so on the envelopes i
    wrote
    to the owner of and then the address so
    that way it would keep a lot of the
    employees from opening it up and
    throwing it away
    right yeah smart uh okay
    so you kind of negotiated the seller
    finance deal which is awesome you only
    had to do 10
    down which is awesome um but you have
    these older machines now right and
    you live thousands of miles away
    from but you have a partner in town
    basically right
    um and and you decide to pull the
    trigger
    on this thing and owner finance the deal
    okay so
    i interrupted you again but okay so tell
    me how how did it go
    after you guys took yeah
    so i mean even before we get into that
    like
    so as we have it under contracts i call
    the landlord
    and say hey we want to get this get this
    thing on the 10-year lease with two
    five-year options and he was running it
    at about a thousand a month
    which was a good five to eight hundred
    dollars under market rent
    if not more older guy in his 80s and
    he’s like you know what i’m not going to
    sign at least that long because i want
    to sell the building soon if i do that
    it’s going to value it
    we said sell the building you know oh
    really
    yeah okay how much do you want to sell
    the building for start having that
    conversation with them
    um so we ended up actually getting the
    building and got that under contract and
    closed on it
    almost the same time as we did the
    laundromat so it’s a fun
    it’s a small commercial building there’s
    four units in it
    um one of them being the laundromat and
    just looking at the whole thing
    you know from a bird’s eye view we said
    it makes sense to buy the building not
    have to worry about the lease
    really build up this laundry mat to
    where we want it to be it
    to be at and then we either hang on to
    it and then down the road
    you know if we do go to sell it now we
    have the building
    and the laundry mat and we can package
    everything it’s going to be a lot more
    valuable and we don’t have to worry
    about the lease issue with anybody
    [Music]
    so so yeah yeah i think the
    building was more dilapidated than the
    laundromat when we got into like
    due diligence of that you know finding
    uh
    rodents and like just lint that’s built
    and
    is built up in like uh you know
    different events and
    things that deferred maintenance that
    hadn’t been taken care of and needed to
    be taken care of so
    we closed on both of them almost the
    same time within a week of each other
    and this was early february of this year
    um closing on the laundromat there there
    wasn’t
    any major surprises when we closed
    luckily
    i mean we we had we’ve had our issues
    right like we had the
    washer you know the smoke started
    coming out of it and we’re going to take
    the thing out of there because it’s so
    old
    come on
    part of being a laundromat
    um yeah we had a coin our coin machine
    broke on a friday
    two weeks ago and so we were scrambling
    to get a new coin machine
    they both went out apparently on the
    same day so
    yeah one of them was able to get fixed
    the other one we had to replace so we
    did that
    well you know those little things that
    kind of pop up but
    the revenue’s covering all the costs
    right now so all that stuff that’s
    happening
    we’re paying from it from the business
    um
    we’re getting to the point of like we’re
    figuring out the foundation of the
    business which
    it takes a little time especially being
    a couple thousand miles away
    yeah because yeah we have the three
    employees
    um you know we got these old machines
    todd’s the only one
    that he’s about 40 minutes north of the
    laundromat so he’s there
    two or three times a week so he’s going
    to see it
    even he’s the only one that’s saying
    that
    exactly so yeah we’re
    we’re kind of getting to that point now
    where we’re under
    understanding like the ecosystem of it
    how the employees work
    work that needs to be put into it
    customer’s perception and all that
    so you know it took a little bit of time
    when we closed on it
    i felt like there was a hundred things
    that came up that
    we had to do that we didn’t know we had
    to do like
    getting a business license and you know
    reaching out to the fire marshal and
    having them expected
    just all these little things you kind of
    just take them on as they come
    but overall i would say we’re pretty
    happy
    um and i always tell todd about this you
    know
    being in the partnership takes a lot of
    stress
    out of being in this alone because
    there’s three of us doing it
    we all kind of pick up each other’s
    weaknesses and
    you know everybody’s able to kind of
    work off of their strengths so the areas
    that we’re not drawing in
    the other one is so it kind of uh meshes
    together well and
    you know the other thing too is if
    something happens and we had a bad month
    well now we have three people that cover
    the expenses and it’s not just coming
    out of one person’s bank account
    yeah yeah there’s definitely strength
    in in a partnership like that right
    there’s
    you know some people are very
    anti-partnership
    uh well let me ask you i mean you know
    some people are very anti-partnership
    just you know when it comes to real
    estate investing
    or partnering in business um
    i mean tell me talk to me a little bit
    about why
    you decided to do partnership and what
    you think it takes to to make a
    partnership work
    it’s like being in a in a marriage
    honestly good communication
    right on what i tell everybody and
    that’s the one thing we discussed when
    we got into the partnership
    is rewind two years ago when i was in
    that airbnb
    management company there was three of us
    our partnership
    we did everything wrong ended up hating
    each other at the end
    of it and i told myself i’m never going
    to get into a partnership
    like that again but you know as i was
    doing that i learned a lot from that
    and i learned to not overlook certain
    things and put the blinders on if you’re
    going to partner with
    somebody so if you are going to partner
    with somebody i would say
    make sure it’s somebody that you trust
    don’t overlook
    any of the red flags make sure that
    person can communicate
    well with you you know the three of us
    we’re all very growth-minded
    so the fact that we could go from
    talking about laundromats
    to family life to
    you know what’s a happiness index this
    week
    it just all meshes together really well
    now if one of us
    wasn’t in that same mindset and they
    were just focused just on the money
    fight
    or you know something else maybe it
    wouldn’t work out so well
    um so yeah i would say do you
    make sure you really get to know the
    person that you’re going to go into a
    partnership with
    and don’t put the blinders on you know
    and try and convince yourself that it’s
    a good idea if you really know it’s not
    yeah i think that’s really good really
    good advice but i also like that you
    said that you you know you were in a
    partnership
    that did not go well and that ended
    badly
    and but like you took that lesson
    and you know even though you initially
    were like i’m never doing that again
    you decided to put that lesson to use
    right
    and that’s kind of it’s similar to my
    situation with laundromats actually
    where i bought this laundromat it was a
    horrible experience
    i still have pain
    you know from this my first laundromat
    experience
    and that i’m still dealing with you know
    all these years later
    but you know i got to a point where i
    was like well i can either
    you know call it quits and never do it
    again
    or you know these lessons i paid a lot
    of financial
    money for and also emotional
    you know capital spent on these lessons
    you know to to get this wisdom i can put
    that to use
    and help me further you know what i’m
    trying to do help me grow more
    and you know i love that you you did
    that
    and you know it’s probably too soon to
    tell how this one is gonna go but i’m
    guessing that it’s gonna go much better
    than your last one because you
    decided to take those lessons and apply
    them and
    you know approach this partnership a
    little bit different so i love
    i love that i love that that is very
    growth mindset
    abundance mindset if you will london
    yeah find the silver lining and
    everything right yeah
    there’s a lesson to be learned even in
    the time when you’re
    like why is this happening it sucks
    yeah i mean looking back on it there’s a
    lesson there yeah
    a lot of times you got to wait till you
    kind of weather that storm to learn the
    lesson
    but it’s there if you’re looking for it
    you’ll find it eventually
    but you know when you’re in the middle
    yeah yeah it’s it’s tough
    it’s tough yeah okay cool so sorry to
    take the partnership detour but i think
    that’s a really important one because a
    lot of people are
    looking for different ways looking for
    creative ways right to get into this
    business maybe they don’t have as much
    capital
    or maybe they have capital but they
    don’t have a lot of time
    and we see you know we see people on
    both ends of that spectrum all the time
    and so partnerships can be a really good
    way to alleviate those you know whatever
    you’re lacking whether it’s time
    and effort and energy or knowledge or
    money whatever it is that you’re lacking
    partnership can alleviate that but
    uh like you said it’s important to
    approach a partnership
    like a marriage like it’s going to be
    that serious because it
    you know it is like it’s a commitment
    that you’re making to each other so
    i love that love love love it okay so
    you uh i mean you’re you guys are pretty
    pretty new in to this laundromat journey
    here you know you’re just like a couple
    months in here
    uh what i mean have you guys talked
    about
    what what your plans are with this
    laundromat so right now it’s
    you know it’s running basically how it
    was when you bought it right
    mine is that washer that tried to burn
    your whole place down
    yeah we lost the here yeah rest in peace
    watching
    yeah recipes we’re in pieces
    yeah um so yeah we
    right when we bought it we knew it
    needed new machines
    so we’ve been getting quotes um from
    different people
    or different distributors i should say
    and you know everything that i’ve heard
    about
    distributors and wealth of knowledge
    like all that’s really
    held true um i feel like when you find a
    good one they kind of
    seem like they put your best interest
    first uh i haven’t really talked to
    anybody
    been like super pushy and trying to buy
    a machine to put more machines
    in areas you know that could convert um
    so yeah we we’ve gotten a couple quotes
    we actually have a call
    tonight we have our team call at 5 30
    pacific time every wednesday and this
    morning we were texting we said hey
    tonight’s the night we decide
    which distributor we’re going with and
    that we’re buying bigger ships so we’re
    we’re actually going to replace
    everything um
    you know i’m hoping about the cost too
    like the cost per machine
    is probably going to spend 280 to 300k
    37 new machines 24 new washers
    uh 13 new dryers now the distributors
    were talking to
    we’re probably going to go i think
    dexter is what we’re going to go with
    you know as long as like ever we look
    good to them
    on paper they’ll do pretty much 100 of
    the financing
    i think at most we have to come out of
    pocket
    i think they said probably 10 but we’re
    hoping to get 100 of the finance
    so it is a little scary to put in that
    much money
    into a new store but the way
    i’m trying to look at this is like okay
    if we were going to build out a new
    store
    we’re kind of going into it not knowing
    anything
    outside of the research that we’ve done
    so we already have this concept
    that’s working it’s already bringing in
    revenue
    all the complaints that we get online
    are about machines not working
    and everything just seems to
    you know kind of lead to us needing new
    machines and that kind of turning around
    the store so i’m
    probably going to place that order by
    the end of the week i think
    they’re backed up until july so we
    probably won’t get those new machines
    till july
    um and then once we get that you know
    i’m kind of like our marketing
    and sales guy so i put up a
    google or working on the google my
    business page responding to reviews
    we’re gonna do some marketing um
    actually put up
    uh a post on the cla about because our
    stories kind of hidden
    from from the main street and i was like
    hey we have to sit in store
    it’s a good way to to get you know get
    it out there
    and the responses you get are hilarious
    because they’re all over the place some
    people are just like online presents
    that’s all you need
    and there’s another guy he’s like get a
    i put a hot air balloon on mine
    that just said laundry and wash on it
    and he’s like the response really got
    out of it was fantastic
    but then i had to take it down because i
    was violating code in the city
    ask for forgiveness not permission of
    course that’s when they find you but
    yeah yeah yeah so
    our goal is like we’ll get new machines
    we’re going to redo the floor
    um we’re going to work on building out
    the wash dry fold we already have that
    we think we could
    should be able to triple that so i’ll
    start calling you know some commercial
    accounts like restaurants caterers
    even like high schools for people coming
    to watch
    uniforms i haven’t done any of that yet
    but
    we’ll see where it goes you know there
    might be something there we’ll do that
    we’ll do some online marketing
    and just keep trying to build up as much
    foot traffic
    and awareness as we can you know into
    the store once we get it
    yeah yeah i like that what uh
    what what factors were you guys
    considering when you were when you guys
    were talking about
    the um like the
    getting new machines and what
    distributor to go with
    what what were you guys looking for were
    you are you looking mostly at the
    machines are you looking mostly at the
    distributor
    what are what what factors were you
    considering
    it’s financing you know there’s a lot of
    yeah all the above
    honestly um at first there was a
    distributor
    and since we’re new to us you know
    making sure that
    nobody’s trying to pull over our eyes
    and charge us a lot higher than we
    should be
    um every distributor that we talked to
    we talked to three of them
    everybody’s saying is very like genuine
    very responsive and seemed like they
    wanted to help us and
    you know they’re not just trying to sell
    us his new machine so
    once we got past that then it came down
    to the machines
    and you know the reason we’re going with
    dexter is
    not to say any other machines are bad
    but from the research that we’ve done
    i’ve seen a lot of praise for dexter and
    how they hold up and
    uh owners just staying very happy with
    them so
    you know we we get that but if we go
    with dexter we get dexter pay installed
    um as part of the the cost we have to
    pay actually for that which is a
    an app pay system and
    um you know just the one thing we really
    like about dexley too
    is and i’m sure most new machines do
    this but it’s the way that the stores
    network
    and we can see how much one machine is
    making
    at any time so hey what’s this 60 pound
    you know machine on the back wall doing
    what’s the 20 pound closest to the front
    door doing
    and you can just see all that so that
    way we can get a better grasp on where
    our washer
    fold is as well yeah awesome
    yeah just just curious about that
    because i get asked that a lot
    like what am i what am i looking for
    when i’m looking for
    you know new machines for my store
    should i be looking for
    you know machine type which one’s the
    best you know should i be looking for a
    distributor how do i know if it’s a good
    distributor who has my best interest or
    not
    you know and i like you said it’s kind
    of all the above you’re looking for that
    package of
    you know what kind of financing deal can
    they offer or can you get through
    you know another lender um
    you know how is the distributor going to
    be helpful are they like a
    um basically like a drop-off service
    where they just
    sell you the machines drop them off and
    then you’re on your own basically or are
    they going to help you out
    um and are those machines going to hold
    up and do what you need them to do and
    you know give you the information that
    you’re looking for so that’s good
    yeah yeah we asked like once we decided
    dexter we asked for
    referrals talked to one of them the
    store owner that went with them is very
    happy
    with their service and machines and all
    that so it just kind of helps the
    conviction
    the other thing too like when you first
    start talking to distributors and you’re
    agreeing to the industry you’re kind of
    like
    oh man i don’t know much about it you
    know these people are going to know that
    they’re going to try and tell you
    benjamin they don’t care right like
    they’re there
    to help you if they’re a good
    distributor and somebody that wants to
    see your business grow
    so like once you get over that fear and
    let them know it’s the first
    one the first quote i’ve ever got you
    know
    go to the store give us a complete
    remodel and drop of what you think we
    should do and then let’s get on the zoom
    call and
    you know meet the two other partners and
    you talk about it what our different
    options are
    and just kind of talk through it yeah
    yeah i think that’s really good
    really good advice and you know i think
    what you
    said is important because i think a lot
    of people do feel like ah
    like should i pretend like i know what
    i’m talking about even if i don’t
    well first of all they’re gonna know
    pretty quick you know if they’ve been
    around for a little while then
    they’ll know but second of all
    almost all laundromat owners
    are first-time buyers like there’s you
    know
    there are obviously multi-store owners
    but almost all of them are first-time
    buyers
    right even the multi-store owners were
    first-time buyers at some point
    and so that’s who distributors are used
    to working with
    right is people buying machines for the
    first time
    um so yeah so don’t be afraid of that
    but but if you are afraid of that i mean
    it’s where
    talking to multiple distributors and you
    know seeing
    the different things they have to say
    the different ways they present
    information
    the different options they give you um
    you know that’ll that’ll help you kind
    of figure out
    who has your best interest in mind and
    hopefully
    hopefully they all do and you’re
    choosing from between good and good
    uh but sometimes you’ll be choosing
    between bad and good and and that’ll
    become
    pretty clear if you’re talking yeah so
    yeah and it’s it’s there is no rush
    right we’re like let’s give this a
    couple months let’s talk to
    like we talked to dexter steve crane
    moscow matt
    and then we compared the prices and they
    weren’t that far off we liked all the
    distributors
    and our conviction at the end was dexter
    so
    unless those two guys tell me something
    different on our call tonight i think
    yeah i think we’re going
    with that oh man by the time this thing
    comes out you’re gonna have speed queen
    equipment in there
    moscow matt get it installed right now
    yeah
    right that’s pretty funny
    um okay well i mean i have more
    questions but i think a lot of it’s
    gonna come
    out through our section called down to
    business
    uh let’s get down to business
    over and out and that’s just an
    opportunity for
    us to learn a little bit more about your
    business and again we know like it’s
    pretty
    pretty new um that you’ve had it and
    you’ve actually never been there
    or seen it in person so uh
    so it should be it should be a fun down
    to business to hear about your business
    from your eyes
    yeah we’ve only seen it probably through
    zoom or pictures or whatever so
    any security cameras yeah right yeah the
    security cameras
    um okay so uh you’re in the atlanta-ish
    market right
    yeah okay um and then you own you own
    one laundromat how much real estate do
    you own how many units do you own
    12 buildings total
    somewhere around like 30 units so cool
    yeah that’s awesome and then are the
    four
    just had to cure out this is my
    curiosity probably nobody else cares
    about this yeah
    but the four units including your
    laundromat in that commercial building
    are those your only commercial
    or do you have other commercial units
    also it is
    no this is the first commercial building
    that i bought
    cool so yeah everything else is
    residential
    small multi-family airbnb yeah
    i just love it you’re like all right
    omaha nebraska okay let’s go to michigan
    okay let’s go to tennessee
    but let’s do something different and
    let’s do airbnb
    and then you’re like okay let’s go to
    atlanta let’s do something
    totally different and let’s buy a
    laundromat oh while we’re there let’s
    get commercial real estate which is also
    different so i’ll just love it
    you got a lot of diversity of markets
    but also a lot of diversity of
    uh investment type too which actually
    it’s a good thing
    so yeah you’re getting a lot of good a
    lot of good experience under your belt
    so you can go in a lot of directions
    in the future it gives you a lot of
    flexibility it’s pretty cool
    yeah uh did you say you
    started doing real estate investing
    three years ago
    yeah almost three years ago to the mark
    uh i’m closed on my first one on march
    21st 2018. yeah man we’re at the end end
    of march right now when we’re doing this
    interview so that’s
    uh that’s pretty cool man you you’ve
    covered a lot of ground in
    in three years it’s pretty awesome yeah
    thanks man
    you know honestly like with the
    partnerships and
    the one thing i always tell myself and i
    heard this from
    i think so many famous was like never be
    the smartest guy in the room right
    so like if you could constantly partner
    or be in these groups with people that
    are challenging your
    your thoughts your decisions holding you
    accountable for things
    it just it takes your level of success
    to a level at a faster rate i personally
    think than if you’re trying to do it on
    your own um
    especially if you get around like
    successful people that are also good
    people
    you know they’re working on all aspects
    of their life so
    yeah that’s one thing that i truly like
    try to
    to live by isn’t ever being the smallest
    person in the room which
    doesn’t that’s not hard
    you know just surrounding yourself with
    people that are motivated but also good
    people and
    we meet we’ll talk about business we
    thought about life a little bit mix of
    everything and
    you know somewhat balanced yeah i
    i love that and i it’s so funny because
    like i’ve i’ve changed so much you know
    my
    my natural inclination is is
    to like the lone wolf thing right that’s
    like my natural
    that’s like my background that’s where
    it came from that’s how i grew up you
    know and that was kind of my mindset
    and it’s taken me a lot of like stubborn
    like mistakes and setbacks and stuff to
    get to a point where i’m like no
    actually it’s like
    it’s way better if i’m learning from
    other people
    you know i always was like very
    proud that like if people asked if they
    could help if there’s anything they
    could do
    i’d be like no i got it like i can do
    this and i catch myself doing that still
    just saying no but yeah but i’m starting
    to see the value in
    now actually if you’re like super good
    at doing this thing and
    you know i’m sure i could do you know
    i’m like pretty confident my abilities
    to do like
    everything probably like to a fault
    right like yeah sure i could do that
    whatever it is
    yeah i can do that yeah but you know
    letting people who are experts in
    whatever it is
    you know do their thing and or give you
    advice
    about their thing or help guide you
    about their thing
    is going to get you farther faster than
    if you try to figure it out yourself and
    that was one of my big lessons
    buying my first laundromat where i
    essentially tried to figure it out
    myself and
    didn’t didn’t go over so well yeah
    yeah it sucks right it’s like what
    everybody says like you kind of have to
    go through the school hard knocks and
    make some of those
    bad decisions and i was the same exact
    way
    like lone wolf do it on your own like
    you know accomplishment by yourself it’s
    an individual
    thing and since i’ve i’ve worked on that
    and tried to dissolve like some of that
    part of my ego a couple years ago like
    honestly i find myself having a lot more
    fun with it too
    because you know people say yeah it’s
    lonely at the top
    it is if you stay on that path the
    entire time you’re doing
    it but if you change lanes and you
    talk to guys you know like you and me
    and surround yourself with people like
    that all the time then it’s not
    because now you have somewhere to go to
    share your successes
    not feel bad about it um also share
    losses and get guidance when you need it
    so
    yeah and two like i mean there’s three
    of you right so like when something goes
    down at your laundromat
    like like a machine’s catching on fire
    or whatever
    or you’re trying to make a big decision
    like do we invest 300 grand
    in new machines right now all of a
    sudden
    you’re not making that decision on your
    own
    using your own experience and your own
    wisdom you’re tapping into your
    partner’s experience and their wisdom
    and their observations and their
    research and
    all that you’re making a collective
    decision you know together and when
    you’re
    leaning on uh you know experienced
    owners and you’re talking to them or
    you’re listening to the podcast or
    you’re
    reading on the forums or whatever you’re
    doing like uh
    i mean it’s just it’s it’s way better
    like it’s it’s so much better great i
    like you just made a great point it made
    me just think like you’ve talked to
    people that have been
    looking at a laundromat for years and
    decades
    those people listening find that partner
    that will go take action for you
    yeah and go talk to the laundromat
    owners and distributors
    and then learn from them partner with
    them like
    you put it out there you’ll be able to
    find somebody and if you can’t get past
    that fear of
    you know doing the unknown then find
    somebody that well and partner with them
    and you’ll learn a lot more doing that
    in a couple months then
    you know another year of reading books
    listening podcasts reading form
    right yeah i love that going right back
    to your
    like set a time period to do your
    research and then
    commit to making a decision one way or
    another you know
    at that point time and then start taking
    action you know whether that’s
    taking action and researching the
    different topic or taking action and
    making it happen
    um yeah i love that i love that i can
    talk about that an entire podcast
    episode
    but yeah i need to start like two more
    podcasts i’m gonna start one about real
    estate investing and then i’m gonna
    start one
    just talking about you know abundant
    stuff and and
    oh man because i just yeah my abundance
    conversation
    we we should have the uh episode on that
    whenever you’re ready
    i would love to get into that dude i
    would yeah
    all right we’ll we’ll do it yeah we’ll
    do it
    and i you know i just think that that
    is such a needed conversation to have
    in our industry and i think there’s more
    and more of us who
    are catching that vision in our industry
    but for so long we’ve we’ve not had an
    abundance mentality
    in our industry we’ve had a very very
    closed off mentality we’ve not
    shared information we’ve not shared
    stories with each other
    in fact we haven’t even wanted other
    people to know about our industry
    kind of guarded our whole industry as a
    secret you know for a long time
    and frankly it’s probably why our
    industry
    is kind of behind the times a little bit
    here we’re trying to catch up now
    but uh we’re we’re behind the times you
    know
    and it’s i think largely because of that
    so
    we will do all right you and i and maybe
    we’ll invite like one or two other
    people we can have like a conversation
    about that
    i would love to man all right i’m ready
    when you are you’re
    first people you heard it here first
    we’re doing it uh
    look forward to that one that’ll be
    awesome okay
    uh where are oh well okay so
    i don’t even know if you know but you
    know how much does it cost to do
    laundry out in like the atlanta area at
    your laundromat
    yeah so it’s talking about vendor prices
    yeah vin prices
    yeah so i mean we’re we have uh
    25 machines they’re tired we’re charging
    around like two dollars 30 pounds around
    like three
    325 um 40 around four dollars and then
    we have 60 pounders
    i think they’re around seven dollars
    okay
    um now when we put new machines
    those will go up by 25 maybe a little
    bit more
    i think we’re going to kind of take the
    distributor’s lead on that and if he
    thinks
    you know we can push a little bit higher
    for having brand new machines we might
    um you know with double-edged sword we
    also don’t want to turn off our customer
    base or
    you know over charge them to a point
    where they’re not going to come back
    right
    yeah yeah finding that balance is tricky
    but it’s an
    important balance to find
    and putting in new machines is a great
    opportunity to
    set those prices um
    you know right you know from from the
    get-go
    and because you know one of our
    struggles
    i hear it all the time from owners you
    know in our industry one of our
    struggles for
    the majority i think of the industry is
    raising prices
    and knowing how and when to do that and
    i love
    kent uh wales a couple episodes ago
    shared he he looks at his prices and
    plans to raise at least
    something two times every year which is
    like whoa
    like that was like a big eye-opening
    you know thought for me to to look at
    and now
    he’s raising his entire store twice a
    year but
    you know maybe certain machines or you
    know
    he’s checking out the data and seeing
    where where he wants to put people
    and i like the idea of having that
    schedule
    you know where two times a year i’m
    going to look at my prices and see
    if i need to raise them somewhere um
    but yeah i think it’s smart raise those
    prices when you get the new machines in
    and start it off on the right foot yeah
    exactly you know and like we’re putting
    the energy and the effort into it with
    the money
    like putting your seating in your
    bending touring
    possibly new uh you know drop tile
    ceiling
    so like as we’re redoing all that
    you know just building a better
    community around it
    it’s it’s a higher quality store now
    right we’re gonna be
    washing clothes at higher quality so i
    have to charge a little bit more than
    we were before yeah you’re not going to
    pay off your
    300 000 loan breaking even every month
    alone might get me up at night for a
    couple months but
    we’re gonna do it yeah i mean it is you
    know
    it is the with the technology now though
    like you get a dashboard with these
    machines
    and you can figure out when your slow
    hours are you can set
    different um discounts you know from two
    to four
    on a monday if you want to all doing
    that online then you have to be in the
    store so
    having the control to do a lot of that
    with some of it just gives you a lot
    more peace of mind
    you know the other thing we’re talking
    to the distributor about too is doing
    like six months of
    interest only payment so you know for
    people listening to
    i try and do that on all my real estate
    deals too like always push the lender
    and say hey can i do six to 12 months
    interest only
    and while i’m building up that foot
    traffic building and you know
    having more revenue come in so that way
    it takes your payment
    in our case from being in 4 000 a month
    down to 1500 a month for six months
    yeah and that’s huge and that gives you
    the ability to kind of ramp up
    like you were saying like ramp up that
    business to be able to cover
    that loan payment because it won’t
    happen you know
    right away right it’s that if you build
    it they will come mentality
    where you know it would be awesome but
    the word has to get out and people have
    to kind of come check it out
    and so that’s where the marketing comes
    in and all that so
    it does take a little time to ramp up
    but it will happen
    uh what what do you i mean if you know
    i mean again it’s pretty pretty young
    into your journey here but do you have
    any sense of turns per day
    what you’re what you guys are doing yeah
    so according to our employees we’re
    doing about three turns per day
    um and the weekends a little bit more
    than that
    but right now i think
    industry standards like three or four
    and we’re sitting at about three
    our most our busiest days uh on a friday
    saturday sunday
    as i would imagine most laundromats are
    so
    [Music]
    yeah you know that it goes back to the
    machines because we keep having to fix
    all these machines and people going in
    there and there’s not a working dryer
    washer
    and looking at our reviews
    and store reviews from other laundromats
    i swear
    all the bad ones that i see are about
    broken machines
    like if you have all your machines
    running and they’re doing their job
    people seem to be pretty happy yep yep
    yeah and i i
    think people don’t like that
    slot machine aspect where they’re like
    they put their money in and
    they’re not sure if they’re actually
    going to get a wash or not you know
    because
    yeah you know is the machine going to
    work is not going to work like
    exactly suspense in that sense is not
    fun for them
    it’s not it’s not the type of suspense
    you want yeah exactly
    uh okay and are you doing full coin
    well you’ll do the dexter live app right
    when you get those in
    if you go with dexter yeah if we go
    if spirit queen is not being installed
    right now right um
    yeah so right now they’re all coined but
    we’ll install
    it’s actually a lot of dexter pay and
    you know
    start building up that pay business i’ve
    heard
    talking to different owners i’ve heard
    anywhere from like 13
    to 40 percent of their businesses at bay
    so i don’t know
    maybe that depends on what area you’re
    in but
    i like the idea of having it there and i
    think over time
    that concept gets more popular
    you know within all stores and all
    demographics
    yeah well awesome man well how much time
    are you spending
    right now on this business are you
    spending much time yeah i mean i don’t
    know exactly what you would be doing
    other than like prepping maybe for the
    marketing stuff what are you watching
    the wide cameras
    yeah right that can’t suck a lot of your
    time up
    okay what’s going on right now yeah uh
    honestly working just on the store
    itself in hours two hours per week
    but you know talking to partners
    and like deciding all these other things
    talking to distributors and all that i
    would say
    probably three to five hours maybe six
    hours a week
    yeah um but we’re also at that point too
    where like it’s it’s really exciting for
    us so
    okay like put in the new machine
    machines like
    we’re gonna do marketing and sales you
    know you don’t have to do that that’s
    something we want to do
    because we want to see how much we could
    get out of this store
    so yeah we’re doing that and then we
    actually started another letter
    campaign last week um
    so on to trying to find the next one on
    to the next one already i love it you
    know you catch that
    laundromat fever in here are you are you
    looking in the same market
    are you moving to europe or something
    where what’s happening yeah you know
    we’ve been in atlanta for like two
    months so i should probably go to like
    florida or something yeah exactly
    now the same market we have a good thing
    going on there so
    our goal there is if everything goes as
    planned and these stories keep working
    out
    maybe have a portfolio of three to five
    stores um
    and then hire an operator where we could
    remove
    you know todd or one partner and i just
    have something that’s going around the
    stores and operating them
    nice i like that sweet
    well we have a section called secret
    sauce
    and that is you know what’s what’s a
    piece of advice you have for existing
    owners that might help them
    improve their businesses from your vast
    experience so far
    yeah i don’t have a ton of experience
    owning the store yet
    um so i think my
    value more comes in for the people that
    are listening
    and getting you know trying to get that
    first storm
    tips going back to set that timeline how
    much
    you know what’s your learning timeline
    set that cap
    and then start taking action and build
    out your
    your action this timeline like for us
    you know once we start taking action
    it’s the first two months
    all stores we don’t have any leads by
    then we put together a mailing campaign
    mailing campaign was going to be more
    consistent we were going to do that
    monthly since we ended up buying one
    from the
    first campaign we put that on hold and
    we just launched
    you know our second letter last week so
    just get out there and take action right
    like small action steps
    literally every day just gets you so far
    there’s a quote i had in my computer for
    a long time
    and i said ordinary things and
    consistently over time produce
    extraordinary results
    just a reminder right like you don’t
    have to get
    to that end level tomorrow next year but
    if you keep making these small
    daily actions towards your goal you’re
    gonna get there so whatever it is you
    know
    spawn a distributor signing up for
    cla tell me start reaching out to
    laundromat owners even if you don’t want
    to buy those
    tell them that you’re interested in
    buying a store start talking to them and
    just start
    getting a feel for the industry and what
    you’re going to deal with the walk
    through stores
    i mean there’s so much you can do before
    you even make the decision to buy one
    um yeah that would be my advice
    yeah i love that that’s a good uh that’s
    more on the pro tips which is advice for
    for newbies which is awesome i mean
    because i think it’s great advice and
    again like i
    love your uh your emphasis on you know
    set a timeline and then start taking
    action like to learn and then start
    taking action and i like the uh
    you know i even wrote down what you said
    your quote forget the quote that’s on
    your computer your quote
    of taking small action steps every day
    you know we’ll take you
    it’s going to take you far um and that’s
    true right and i think it’s hard for us
    to think about
    like okay if my goal is to like buy a
    laundromat
    well that can be like really
    intimidating right
    but if you break it down into small
    action steps that you can take every day
    like contact
    you know a laundromat owner a day it’s a
    small action step like send a letter
    uh you know to a few laundromats or you
    know
    sign up for the cla or jump on the forum
    and
    ask a question or you know small action
    steps but if you’re doing them
    consistently
    like you said that’s that’s the path to
    accomplishing huge things right like 30
    plus
    units in in three years like that’s
    incredible that’s like crazy
    um and awesome uh well i want to go back
    to secret sauce because i feel like
    you sold yourself short a little bit
    there because
    while you may not have or maybe i set
    you up to sell yourself short
    with my little joke about not having a
    ton of experience but
    um while you may not have a ton of
    experience owning a laundromat first of
    all you have a ton of experience owning
    investments
    but i i really think that for
    you a big part of your secret sauce like
    it’s a theme that’s run
    all throughout your whole story is uh
    you know having like your whole not
    being the smartest person in the room
    you know networking one of the uh
    one of the um i’ve mentioned him on the
    podcast before one of the guys i love to
    listen to is dan sullivan
    um from strategic coach and one of the
    things that he always says is think
    who not how and actually i think he just
    came out with the book
    who not how um which i haven’t read but
    i will read because i love
    what he says but um you know it the
    basic concept of it is like
    hey you know i want to get into
    laundromats and it’s not
    don’t think okay how can i do that think
    who can help me
    make that happen and that’s exactly what
    you did right you like you went to your
    first friend in michigan
    he said okay he can help me make this
    happen but you found out that wasn’t
    gonna work so then you thought okay who
    else can
    help make this happen you found your
    friend in atlanta
    and you know you guys jumped into it
    together and
    and there you go right like it’s you
    have a laundromat and
    you’re off to the races listen up it’s
    the secret sauce
    yeah yeah i’m problem solution
    right like and somebody’s laid out the
    model before you
    like one thing i’ve realized you know
    you’re not recreating
    the wheel or doing something that hasn’t
    been done so find the successful people
    that are doing it
    model them and start taking action
    i mean one you know i think i told you
    like i picked up where i listened to
    your
    your podcast last may and that was the
    first time i listened to a laundry mat
    podcast
    or um that was kind of the first time i
    started learning about laundry math
    and i mean here we are not even a year
    later
    and we’re looking to purchase our second
    one it’s not like we
    we didn’t do anything special right
    we’re just following the steps that you
    take
    to achieve your goals and get to where
    you want to go
    and here you are the pinnacle of your
    life
    on the laundromat resource podcast
    there’s nowhere to go but down from here
    i know so we’re gonna have to grapple
    with that after this is over
    i don’t know uh no but seriously i mean
    that’s
    that’s what it is right like i love
    hearing that
    because like i said i talk to a lot of
    people who you know
    will listen to the podcast for years or
    who will research
    who will engage on the forums or who
    will read or who watch youtube videos
    and never end up owning a laundromat or
    a real estate investment or whatever
    it is that they’re you know that they’re
    into and
    and that’s not really to fault them
    because it is scary right like that
    first step
    that’s a scary step to take but i love
    what you said earlier when you said
    you know if you’re too afraid to take
    that first step
    find someone else who isn’t afraid to do
    it and partner with them
    you know and just yeah you know borrow
    their courage
    basically um take that step but that’s
    the whole problem solution
    thing problem solution just there’s a
    problem just find a solution to it right
    like we couldn’t buy one in michigan so
    on to the next market
    and you know one other thing to note too
    about the letters
    like people that are afraid to call
    stores if you send out letters those
    people that
    reach out to you are reaching out to you
    for a reason you’re not making a cold
    call
    and then i think that can help a lot of
    people get over that
    kind of first year by reaching out to to
    approach somebody to buy their store if
    you do
    send out letters that person
    contacts you there’s some kind of
    interest there they want to know
    what can this person offer me or you
    know
    what angle are they taking so have the
    conversation with them they’re most
    likely going to be
    somewhat welcoming if they’re reaching
    out to you
    yeah yeah that’s great and and the same
    is true like if you pop into a
    laundromat just drop a letter off
    whether you talk to somebody there or
    not
    i encourage you like just drop a letter
    off with them and introduce yourself and
    let them know
    what you’re looking for and that you’re
    interested yeah you never know what
    country
    i mean like think about it if somebody
    reached out to you or me
    like looking at this from a year ago
    like yeah you’re nervous calling that
    first door but if somebody called
    me and i’m sure you and said hey i’m
    looking to buy my first laundry
    laundromat
    i’d actually be very interested in like
    hey
    what made you call my store like how far
    along in the process are you
    yeah and like you know even if you’re
    not going to sell it that your store
    doing
    probably give them a couple good tips
    absolutely
    yeah and i found the same you know goes
    both ways actually and if you
    um one of the things that makes it
    easier i found for a lot of my coaching
    clients to reach out is
    come with a you know yes with
    you know a message that hey i’m
    interested in buying
    but also have something to give too so
    like if they’re not interested in buying
    say okay yeah no problem let me know if
    you if you become interested down the
    line because i’m looking
    you know just remember me and here’s
    something that i found
    valuable you know for me it’s easy i’ll
    you know i’ll mention my podcast or my
    website or whatever
    the forums and you can you know you can
    do that too
    but it could be whatever something that
    you feel like might be valuable for that
    owner and then all of a sudden it’s not
    like hey i’m trying to get something
    from you
    it’s like hey i have something to give
    to you too so if you’re not interested
    in selling no worries
    check out this article or check out this
    podcast episode or check out this video
    that might help you you know with your
    business and that way it feels a little
    more like you know mutual it’s abundance
    mindset right there
    exactly that was a very good point yeah
    all right we have another section called
    recommended resources
    uh you got any resources you might
    recommend to help people grow their
    business or
    just themselves personally yeah yeah so
    i mean for the laundromat
    business um you know like i said first
    podcast i listened to
    it was yours i’m gonna plug your podcast
    on your podcast
    that’s what i’m talking about
    good looking out right there i got i got
    you man um
    this the cla the coin laundry
    association like i was hesitant to pay
    the 300 bucks to sign up for it
    and i can’t tell you how many times a
    week i’m on there i
    post about once a month like asking
    about my like asking about marketing and
    asking about machines
    anything and i mean you get all types of
    response from all different types of
    owners
    all over the country which is awesome
    it’s just a cool forum you can go on
    um and see what other people are doing
    for
    you know how they’re growing their wash
    dry fall business or
    they’re having issues with customers how
    to raise reviews
    that’s the cla has been a huge uh huge
    huge resource for us and for the growth
    mindset
    you know i said i was in the go
    abundance mastermind group
    um for people that don’t know what that
    is i mean it’s an entrepreneurship
    accountability networking group that’s
    growth minded
    and all aspects of life right like a lot
    of guys that join that
    have already figured out the finance
    vertical of their life but they haven’t
    figured out the relationship the
    spiritual
    contribution giving back so just
    becoming a more
    long rounded person i’ve been a part of
    that group since 2019 and
    you know it’s one of those things just
    surrounding yourself with the right
    people
    um helps keep you in the right mindset
    all the time and
    challenges you and helps you grow so
    yeah i’ll tell you beforehand i’m super
    jealous that you’re in go abundance
    because i
    i got my eyes set on that so i’m working
    on it
    come on man let’s go i know i gotta get
    in there
    i gotta get in there so uh that’s
    you already did the research i’ve done i
    know
    in fact i’ve already made the decision
    like i’m i’m in
    uh you know i just i have some other
    decision makers
    to pull along you know with me so yeah
    that’s
    that’s where i’m at with that one so
    it’s a process it’s a process i’ll get
    there
    but but now it’s out there so you can
    you can hold me accountable to that
    speaking of holding people accountable
    yeah right i know i love that uh all
    right dude this has been
    this has been awesome like i’ve like
    thoroughly enjoyed this because you’re
    doing things
    way like you’re you’re literally in your
    rv right now
    uh doing this podcast as a laundromat
    owner as a real estate investor out in
    the middle of the desert uh just loving
    loving life and and looking for your
    next location to take your rv out to
    and it’s so it’s so cool to just see the
    different ways that people
    are doing this thing and are enjoying it
    and not only that but you just
    you brought so much like
    wisdom and just good solid
    advice and not even advice but just like
    good solid
    like ah like yes like like
    advice man like i’m just i’m so pumped
    right now
    uh just after talking to you because the
    way that you approach
    uh life and the way that you approach
    business and the way that you’re
    approaching you’re investing is just
    i think that’s what a lot of us are
    striving for right it’s like
    we want that freedom that comes with uh
    you know having the financial side taken
    care of
    for one but also just having a mindset
    that allows that freedom
    right if you if you don’t have that
    abundance mindset it’s really hard to
    get the freedom that we’re all looking
    for
    and uh i just love you know all the
    things that you’ve
    shared and how you got there um and
    thing and it’s in it what i love about
    it is that it’s things that we can all
    do right it’s like nothing
    nothing not not in a bad way but nothing
    special about you
    that you did different that that other
    people can’t do this is duplicatable
    i was like trying to speak it out with
    yeah yeah yeah
    uh well anyway appreciate you saying
    yeah but i do i hope i added some value
    honestly like
    tons of giving back whenever i can and
    uh yeah well i regret saying that what
    if people
    want to get a hold of you and uh maybe
    ask you some questions or
    maybe you want to hit a ride with you in
    your rv or
    yeah or whatever is there a good way for
    them to get a hold of you
    all right so our instagram handle it’s
    being there and my girlfriend is my
    nomad pad mri
    um and then you can reach out to me via
    email
    literally at any time uh thomas t
    h o m a s middle initialism
    and donnelly d o n d-o-n-n-e-l-l-y
    8-4 at gmail so yeah don’t be afraid to
    reach out
    um you know that’s that’s i’ve realized
    that’s the best way to teach
    people to reach out and then we can just
    set up the time to talk
    you know i’m happy to share the letter
    that i’m sending out i didn’t let i
    just give them the value that i can dude
    love that
    love that well thanks man appreciate you
    coming on and there definitely was a ton
    of value
    and even if which is not going to be the
    case but even if nobody else got a ton
    of value out of it
    i did i know a ton of people pretty much
    everybody who listened to this is going
    to have something to take away from this
    because it was
    it was a top-notch episode so i really
    appreciate it and cannot wait to hear
    how the journey goes when you get your
    new machines in and your next
    mailer campaign and you just got a lot
    of cool exciting stuff going on so i’m
    looking forward to hearing the update
    here in the future appreciate it man
    awesome man yeah thanks for having me on
    it’s a pleasure
    anytime all right we’ll talk to you
    again soon all right what a
    super super cool episode that was i mean
    tom is i mean it’s like that whole
    lifestyle design thing right he is
    designing the life that he wants he’s
    living it and he’s
    he’s investing in a way that allows him
    to live uh
    life the way that he wants to live it so
    he’s truly designing his lifestyle
    so very cool very inspirational i took a
    lot of inspiration from that
    because i have some interesting things
    that i want to do with my
    life and you know always trying to
    figure out okay how can i set my
    investments up to
    to give me the freedom and flexibility
    to do those things so very cool that
    he’s doing that
    and super cool that he came and just
    shared all this wisdom
    and and a lot of his mindset stuff too i
    loved
    love love just his mindset stuff now
    every week i encourage you take one
    thing
    one thing that you can take from this
    podcast
    and put it into action because we can
    learn
    and and you know listen and watch videos
    and read all we want and we could learn
    a bunch of book knowledge stuff
    but if we’re not putting it into action
    it does it’s not going to get us where
    we want to go right so pick one thing
    put it into action for me this week the
    one thing that i’m going
    to just take away and try to put into
    action i loved
    like absolutely loved
    his concept of you know he says i give
    myself a set number of time to do my
    research
    and then i make a decision and then i
    take action and i just
    love that formula and i think i would
    benefit from doing that
    um not just my laundromats my business
    stuff but
    in a whole bunch of areas of my life
    really uh where i can kind of
    tend to drag my feet um and
    i just love hey okay i got two weeks to
    you know do what i need to do or three
    months or whatever the case may be
    then i need to make a decision and then
    once i’ve made a decision i need to take
    action on
    that decision keep things moving forward
    uh
    love that absolutely loved it all right
    hope you gained a ton
    from the 50th episode of the laundromat
    resource podcast
    cannot wait to see you next week for
    number 51 where we start the back half
    of our first century
    of podcasts all right all right guys
    we’ll see you
    next week on the laundromat resource
    podcast
    this is jordan peace
    [Music]

    1 Comment

    58. Investing in Your Laundromat to Increase Value with CCI's President, Steve Marcionetti | Laundromat Resource · October 20, 2021 at 3:47 pm

    […] Tom Donnelly’s Interview on the Laundromat Resource Podcast (Buying a laundromat sight-unseen across the country)Thomas Landenberger’s Interview on the Laundromat Resource Podcast (Living in the Italian countryside & owning a laundromat in Florida)Luke Williford’s Interview on the Laundromat Resource Podcast (Owning 37 laundromats & counting)Rick Rome’s Interview on the Laundromat Resource Podcast (Closing down his self-serve laundromat due to a booming pickup & delivery business) […]

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