Hey! I was introduced to the idea of owning a laundromat a couple of weeks ago and it is an exciting idea for me. there’s a ton of things I have questions about.
But for now I wanted to ask about brokers and landlords. Specifically, how common or unusual is it for a broker to also be the landlord? I am asking because the laundromat down the street from me, which I catch the bus in front of everyday is for sale. It asks $290k and advertises a gross income of $460K. The current owner is willing to train the buyer on the business. Here’s why I’m posting ; and this comes directly from the listing: “Please note that the Seller’s Designated Managing Broker (name of broker here) has an interest only in the building as the Landlord and not the business.” Rent is $13K/month with a lease agreement till 9/1/30.
I’m not sure if this means the broker is the current landlord of if he intends to become the landlord with the new owner. This location is in Chicago.
.
