Laundromat Resource › Forums › Laundromats › Anyone in the process of buying a laundromat or is searching to a to buy one? › Reply To: Anyone in the process of buying a laundromat or is searching to a to buy one?
I see many laundromats for sale 8n Brooklyn on Bizbuysell and Bizquest, I thought about looking at some of those but determined they are too far away. My search is predominantly on Long Island and maybe in Queens. I have yet to make an offer but am close. So far the best thing I have done is talk to several knowledgeable people in the industry that I have found through this website. I joined the pro membership here and had my first consultation with Jordan. You get one free consultation when you become a pro member. I also spoke to Brian Grell from Eastern Funding and he was a book of knowledge. Basically I have learned how important it is to take your time and find the right place for you. Don’t buy into the broker trying to sell on potential. Potential should not be factor3d in when determining * the price. I went into a laundromat yesterday , it’s in a Great area and perfect spot, the broker told me to go see it by myself and that the owner did not speak english. They want 280,000 for the place, it’s small and I was told the machines were 16 years old, well I have seen some old machines that look great but these looked like they had been through a war. Many were broken, the place itself was old and broken so you know it has to be a total redo. I called the broker and told her my thoughts, and I asked for the last year or two’s utility bills. The broker said once you make the offer they will provide,ugh always the case, I told her that if they want 280 there is no way they will accept my offer but she said to make one anyone.
Things like this happen a lot in my brief experience, to me it’s worth 0 -50 k, it’s a shithole in an amazing area. The crAzy th8ng is that people were inside it doing laundry and they had a lot of folded laundry in plastic bags.I know this place could be a goldmine and that the area would love a brand new place, the question is how much can I afford to pay for a place and pay rent while I do a complete redo.
I also fo7nd a distributor who has been a great help,gives a lot of great free advice over the phone and knows a lot about many of the stores 8n. Y. His name is Michael and his number is (516) 650-2899. Good luck and I hope my journey helps you a little.