Home Forums Laundromats Deal Analysis with incomplete information

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    Jordan Berry

      Hi All, I’m on a journey to buy a laundromat. Was hoping for some feedback. This is the greater Columbus, OH. Spoke to the Broker and got the SIM. Lease is for 5 years with two possible extensions. The biggest concern is the guy who is selling the laundromat is basically flipping it. Lives far away from the store, owns several laundromats. doesnt want to deal with drive since this is a full absentee business. The previous owner of the laundromat inconspicuously abandoned the unit. The lease holder Casto a major CRE company in town reached out to the current owner, he took it over, renovated it and has been open since April. There is no tax returns to go off of. Only six months of P/ L. Called the broker because I had questions after calling the city about the water usage. He said to not waste time but what I was doing was “Admirable” and if I liked it to just place an offer the business and that all of those questions would be answered by him or the owner in the due diligence period. The SIM has some good information but also leaves a little to be desired. How can I make a conservative assessment and make an offer without having all the info? Would love any feedback and appreciate your time reading this.Listed at $200

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