Reply To: Financing a renovation

[Mitch Brunette]

In anything we are researching the answer almost always seems to be “it depends”. As Jordan mentioned, I’d start making phone calls and getting quotes or request ballpark ideas as a baby step so you can conceptualize if its even feasible in any capacity before sinking a ton of time in due diligence only to find out it wasn’t even remotely possible. If your goal is to open or buy an existing laundromat then local equipment distributors and repair firms know that you are a part of their sales funnel. If you find ways to respect their time, yet still LEVERAGE their free advice, you’ll probably find yourself in a position of confidence and have a better ability to make good decisions. Eventually you’ll be their customer and they’ll happily take your money for the transaction plus their past investment in you.
All of this said, I’m a rookie in this space and have done a couple real estate deals, and a laundromat is my potential next step in my investment career.