Buying and Operating Out of State Laundromates

[Mike]

I have been looking for laundromats on Biz Buy Sell and have found a bunch in NYC that are selling for 1.5x or 2x SDE. These look at least at first like great deals (who knows what the actual profits/expenses are until due diligence). But anyway I am originally from NYC and have some friends still there who could probably recommend someone to work there and at least keep an eye on it. I live close enough to drive there once a week two weeks. Does anyone have any input on operating a laundromat out of state? Most of the ones I’ve seen around me (VA and MD area) are very expensive. Thanks.

[Danny]

I’m just a newbie but if you can go there at least once every 2 weeks and you can find someone reliable to work there and keep an eye on it, then I’d say go for it, provided the numbers check out. Make sure the camera security system is working properly, and if there are coin machines, make sure they are secure. I’ve seen some owners resort to having custom built frames to prevent thieves from drilling.

[Jason Dodge]

I don’t want to live more than 30 minutes away from any of my mats. Last minute calls do happen quite often. There are some operators who can do this. In my 15 years of experience, I still don’t see how this can be done and keep a high level of service in place.

[Author]

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