Jordan Berry [00:00:00]:
I’m going to show you exactly what we do to find laundromats for sale in today’s very tough market for our clients so that you can take the same system and use it yourself. First and foremost, I’m Jordan Berry with Laundromat Resource, and we have a service where we go out and source deals for clients and then go and then help them walk through the due diligence phase and make sure that everything’s verified so that they know what they’re buying before they own it. And I’m going to tell you the exact process our team goes through to help source these deals, because if you’ve been looking for a laundromat for sale, you You may have felt the frustration of not finding anything on the market, everything being overpriced, or the classic brokers or sellers just not getting back to you at all, being very difficult to get ahold of, information being hard to come by. And it can be a very frustrating process. So I’m gonna tell you exactly what we do so that you can do it yourself. And then obviously, if you just want it done for you, check out lawnmowerresource.com. We have got a service for you. Okay, this is what we do when we onboard a new client.

Jordan Berry [00:01:03]:
Number one, we help determine their buy box. You got to know what it is that you’re looking for. And that is, you know, things like location, how far you want to drive, how far you want to be away from, from where your home base is, price range, which can be difficult, you know, sometimes, but you got to know your approximate price range that you’re looking at. And ultimately, you want to know what your goal is with buying the laundromat. We have clients who they’re looking for cash flow, they want to replace their 9 to 5, they’re searching for that financial freedom as quickly as possible. So cash Cash flow is number one. We have other clients who don’t care so much about cash flow. They actually want the laundromat for a tax break or something like that, right? So you’ve got to define for yourself, what are the goals? And then this buy box, this is the lens that you need to look through when you’re evaluating whether a deal is right for you once you do find it.

Jordan Berry [00:01:56]:
Okay. So when we onboard a client, we help them define their buy box. Part of that is location, budget. What exactly is it that we’re looking for? Okay. Now, once we know what it is we’re looking for and where generally that location is going to be. We do 3 things immediately. We create 3 databases. Okay? Yeah.

Jordan Berry [00:02:14]:
Database 1 is we wanna know all the laundromats in the area. Now we have a list of that ourselves. You can do things like you can buy lists or you can, you know, scrape the internet for a list of laundromats. You can reach out to us and we might be able to work something out with you to help get you a list, right? But we create a list of all the laundromats in the area. Database number 2 is we want to know all of the laundromats that are currently listed for sale anywhere we can find them in that area, right? So we’re going to look at the classics like BizBuySell and LoopNet. We’re going to look at CREXi. We’re going to look at CoStar. We’re going to look at all the sites— BizQuest, BizJungle, Biz— I don’t know, there’s like 1,000 biz-something sites.

Jordan Berry [00:02:58]:
BizBrokers, all those sites. We’re going to look at all those sites. We’re going to look at the individual broker. websites as well. And, and then we have a team member whose job it is to look for these. But then we also utilize AI to help search for laundromats that are listed online. Okay. Number 3 is we’re going to create a database of all the brokers that we can find in the area that we might be able to work with.

Jordan Berry [00:03:23]:
Right. So that’s laundromat-specific brokers, that’s small business brokers. And depending on your buy box, if you’re looking for just a laundromat, laundromat and real estate, we might talk to commercial real estate agents as well. So those are our 3 databases that we’re looking to build for our clients. Now, just having the database is the relative easy part, takes a little bit of work, but it’s a relative easy part. The next part is, okay, what do we do with those databases once we have them? So let’s take them one at a time. And I’ll tell you exactly what we do for each of these databases. Okay.

Jordan Berry [00:03:53]:
So database number 1 is our all the laundromats in the area that we’re searching for. What do we do with those? So 3 main things. The goal of this database is to find off-market deals, it’s to go directly to the owners and say, hey, are you interested in buying or in selling a laundromat? I’m interested in buying, right? So we do 3 main things to help us identify, find and identify potential sellers of laundromats directly to the seller, right? So number one is the most effective thing that has a balance of being personal and being sort of mass marketable is direct mail. Now, direct mail, it just means mailing a letter, snail mail letter to a laundromat. If you’re in the area also, you can also drop them off in the laundromat. Even better, if you’re able to, to go and see if you can catch an owner at a laundromat. Can be difficult to do because listen, one of the benefits of owning a laundromat is you don’t have to be there all the time, right? So it could be a little difficult to do, but if you can catch the owner there, you can have a conversation, you can introduce yourself, and that honestly is where the best deals are found. However, it’s also the most time-consuming way to go about finding a laundromat deal, right? So, but if you have the time going and trying to meet owners, introducing yourself, Telling them what you’re interested in and what you’re looking for, um, and seeing if they’re interested in selling is effective.

Jordan Berry [00:05:15]:
But if you can’t do that, direct mail is a great way to get a little bit of personalization in there. Introduce yourself in the letter, tell them a little bit about you, and ask them if they’re interested in selling while being able to do that, you know, on multiple locations relatively time efficiently. Uh, number 2 is in our database, we’ve got a list of phone numbers for laundromats. Now, It’s tough to track down phone numbers of owners unless their phone number is of the laundromat, uh, which happens a lot. This we find very, very mixed results on, and I say mixed, relatively poor results on. Um, a lot of laundromats don’t have a number listed anywhere that we can find. If they do, a lot of times that phone number is not monitored. Um, and, uh, you know, sometimes we can get ahold of an owner and have a conversation with them.

Jordan Berry [00:06:04]:
So that Can be effective. You can get ahold of them, can just be difficult to get ahold of them. And then number 3 with this database is if we can find an email address, we’re also going to send out cold emails to this laundromat. Now, again, a lot of times these email addresses are unmonitored. So what we found to be most effective is direct mail, you know, for us. And even more so if you can go meet the owners in person. So if you’re looking for yourself, And you got some time, make it a priority to go meet some owners. If you can’t go door-to-door to the laundromats, look for laundromat events in your area.

Jordan Berry [00:06:39]:
Sometimes distributors put ’em on, you know, so look for ways to meet owners that way and ask ’em if they’re interested in selling. Okay, so that’s database number 1. Database number 2 is all the laundromats listed for sale. Now, when we are doing this, we create the initial database of all the laundromats listed for sale, and we’re gonna go through all those. We don’t care. We’re what I call deal source agnostic. Okay? Care if the deal comes from BizBuySell. We don’t care if a broker gives us a deal.

Jordan Berry [00:07:07]:
We don’t care if we find it off market. What we’re looking for is the right deal for our clients, right? So we’re going to create that initial database of all of the laundromats for sale. We’re going to go through and say, hey, okay, is there a deal in here that works for my buy box for what I’m looking for? Or is there a deal that can be made to fit into my buy box? And we’re going to go through and do our pre-analysis on that. We’ll pursue any deals that look like they have some promise. Other deals, we’re just going to archive them. Um, there. And in fact, let me show you, we actually created a platform that we utilize that you can utilize for free. It’s LaundromatDFY, DFY done for you, LaundromatDFY.

Jordan Berry [00:07:45]:
And, uh, let me just share my screen here and I can show you, uh, what it would look like when you sign in. Okay. So this is actually our dashboard here, and this is what, uh, it looks like when you sign in. Actually, here I can sign out real quick. This is what it looks like when you go there. You’re going to sign in here and this will be more or less what your dashboard will look like. I’ve already got a couple of things already in here, but more or less is what your dashboard is going to look like. So you can go through here and see right off the top how many deals are input in here, how many brokers and activities that you might want to track.

Jordan Berry [00:08:24]:
And there’s some other stuff we’ll go through here. But let’s start here with my deals. Okay. So when we go through our database, we’ll enter them all in here. So let’s just do a quick one here and let’s say, you know, we wanna be in, uh, Nashville. Um, so let’s see, 123 Main in Nashville. Oh, whoops. That’s here.

Jordan Berry [00:08:50]:
We’ll just say that’s also the name of the laundromat. If there’s a broker assigned, we don’t have— well, we can— I’ll assign myself as the broker here. But, um, if you know of who the broker is, um, that’s gonna come in our next database here. So you can start that database of brokers here. You can just add a broker. right here and fill that in and assign it to the deals. Let’s say, I don’t know, I’ll just make up some numbers here. $300,000, we’ll just say $250 rent.

Jordan Berry [00:09:17]:
I don’t know, $2,000. That’s a good rent. And 2,500 square feet. This is an open deal. It’s not under contract or closed yet. It’s open. And you can write any notes. If you have documents with P&Ls or lease or tax returns or any of that stuff, you can upload those right here.

Jordan Berry [00:09:35]:
That way you have them all attached. and assign here. We can actually— let’s say this is not obviously for this made-up laundromat, but we’ll just attach a document here and add the deal here and it’ll populate. So you can see our Nashville deal. And then we have Omaha’s finest and worst laundromats in here and a couple of fake ones here in Austin too. So these are our deals is how we keep track of deals that are here. You can archive those deals if you decide, hey, you know what, I did some further research. This is not the deal for me.

Jordan Berry [00:10:07]:
You can archive them. You can edit the deals here if you need to see details at a glance. So you can see right here you got all that stuff at a glance here. And then if you want to edit any of the details, you can do that. Okay. The other thing that we have here is we’ve got a results board. This is a new feature that we added. So it’s just a Kanban here so that you can keep track of where the deals are.

Jordan Berry [00:10:33]:
You know, these are the available ones. Let’s say we’ve already contacted you know, the broker and we’re waiting on information from the broker. You know, if you’ve made an offer, if you’re in due diligence, you can see here, or if you just archive deals, that’ll show up there. You can also create— I mentioned this already, which we’re going to talk about here in a second— our database of brokers in here. You keep track of to-dos or tasks. So if you’re on the phone with a broker and they said, hey, send over proof of funds, you can add yourself a task to remind yourself to do Send over those proof of funds to the broker. We have an activity log here. So if you want to keep track of the activity, which I’m going to talk about here in a second why this is here, you can keep track of all your activities here.

Jordan Berry [00:11:16]:
And finally, analytics. This is just, you know, some summary of, of what’s going on here just to make sure that you’re moving, moving the needle forward. There’s also notifications and, you know, all this stuff. Going on here. So, uh, this is again laundromatdfy.com. We’ll put a link in the show notes, uh, or the, um, description if you’re on YouTube down below. But laundromatdfy stands for done for you, um, .com. This is absolutely free.

Jordan Berry [00:11:44]:
You can sign up for it. You can use it all you want to create your databases. Okay. So, um, going back to all the ones that are listed, we’re going to be— that database we’re going to be looking at Looking at them, doing our pre-analysis, collecting the data, the information that we need. And then when we find a deal that meets our criteria, now you have a deal ready to make an offer on, which we’ll talk about in future videos here in this series. But we’re talking about finding deals here. So that’s what we’re doing with the online deals. And then, and by the way, when we search off market and we find a deal, we also add those into our platform for our clients.

Jordan Berry [00:12:25]:
I’d recommend you do that too. And then again, creating a broker database. Now, brokers still are the key, the main way that deals are done. Okay. Most— you can find deals online, but brokers are where most of the deals get done. Now, obviously, most of the ones that are listed online are going to be from brokers, but a lot of times brokers aren’t listing all the deals they have online. So what you want to be doing is creating a database of these brokers so that you can keep track of your communication with them. Okay, that is what we’re looking for, is we want to build relationships with these brokers.

Jordan Berry [00:13:07]:
And the goal of all creating these databases and these outreaches, the goal of them is to have as much volume as possible in each of these categories, because we want Our clients to see deals first. We want them to have first crack at deals. So if that’s off market, obviously it’s off market. They’re probably going to get to see it first. If it’s from a broker, we want brokers to send us deals for our clients before they send them to anybody else, right? Or at least as early as possible of when they’re going to list it. And you know when they’re listed online, we want our clients to see those deals as soon as they pop up online, as soon as possible. So that’s what our goal is, and that should be what your goal is too. Now I say all of this because.

Jordan Berry [00:13:54]:
Because it’s difficult to find deals right now. And also say all of this acknowledging that you’re probably busy. You probably have a job or a family or friends or a life of some sort. And like, here’s the thing is that we just don’t over here, right? Laundry is our thing. No, but in all seriousness, we know that not everybody can go out and do this to find a deal. But the more of this that you can do, the more direct outreach that you can do to owner laundromat owners, the more times you can communicate with a Our goal communicating with brokers is at least once a week to touch base with them, to build a relationship with them so that they want to do deals with us and with our clients, right? Our goal in searching online is to search every day and to do a scan every day to see if anything new has come up in the markets that we’re searching in, right? I know you probably can’t do all of that stuff, but the more that you can do, the more likely it is you’re going to find a deal and the quicker the timeline will be that you find a deal. Okay. And this tool has helped us do it.

Jordan Berry [00:15:00]:
Hopefully it’ll help you do it too and be able to accomplish all this. So going back to the My Tasks and the activity log here, you know, if you’re contacting, you know, owners directly, you’re sending out mailers, if you’re contacting brokers, it’s helpful for us to keep track of that activity, to keep track of what we’re actually doing so that we can say, you know what, But we contacted brokers 125 times. And, you know, that led to us seeing 7 deals. And out of those 7 deals, 2 were potentially good ones, and 1 of them worked for our client, right? So now we’ve got a baseline. And, you know, when I talk to, when I talk to people who are looking for deals, there’s a lot of frustration, a lot of people out there frustrated, not able to find laundromats right now. And a lot of times I say, okay, well, what have you done to And, you know, I hear a lot of, well, I’ve searched on BizBuySell, you know, I’ve talked with some brokers. Um, I said, okay, well, how many brokers have you talked to? Well, I’ve talked with a couple, or I’ve emailed a couple and they never emailed back. Um, here’s the thing is that volume is the name of the game.

Jordan Berry [00:16:10]:
You know, it’s usually the case that there’s just not nearly enough volume of activity to get the deal done. That you’re looking for. So, if you’re having problems, if you’re struggling to find that deal, I mean, it could be, you know, there’s some timing issues and stuff, and the market is tough right now. But usually, you can find a deal in any market if you do enough volume, if you do enough activity, of the right activity, to find that deal. So, if you’re looking to find a deal, this is what we do. These are the tools that we use. And in fact, when we do direct mail or some of these other things, we’ve got The actual mailer that we send out, the template’s just a Google Doc or Word doc. You can download it on our website.

Jordan Berry [00:16:52]:
It’s free. So head over to laundromatresource.com/resources, and you can see there’s a whole bunch of resources over there that can help you find and analyze that first deal or that next deal that you’re looking for there. So head over there, check it out. Check out laundromatdfy.com if you’re looking for a tool that’s got a CRM for the deals you’re looking at. It’s got a CRM for the brokers you’re working with and can help you keep track track of and manage your deals along the way. All right, that is the tried and true method. The only other thing I would say is patience is the missing ingredient here. That’s the secret ingredient.

Jordan Berry [00:17:29]:
You gotta be patient in this market. There’s a lot of demand for laundromats out there and not enough supply for the demand that’s out there. So if you’re looking, you gotta be patient. If you’re not patient, then, you know, shoot us a call. And, uh, head over to landmanneresource.com, book a call with me and my team, and we will help you get going.

Speaker B [00:17:50]:
All right, peace.