July 27, 2022 at 7:30 pm #17181GabeParticipant
First time player in the game of buying a business or anything other than the 9-5er but I see the laundromat business as a fine investment tool and strategy. I did the google search for laundromats for sale around me last week and found one about 15 minutes away. The broker called me the day I requested more information and told me he was working with a potential buyer and were going through the due diligence phase but would keep me on his call list in case it didn’t go through with his current potential buyer. Today, about a week later, he called and said the deal fell through. I talked to him for a few minutes, asking questions and ended up setting up a meeting at the site tomorrow. I’ve been listening and learning as much as i can the last few weeks on how to do one’s best due diligence but am super open to any warnings or things I should look for in a seller OR a broker. I’m assuming the best from all parties involved but want to make sure I’m not wearing any goggles.
Looking forward to getting to know and learn from everyone here!
August 7, 2022 at 12:44 pm #17278JuanParticipant
Welcome to the forum. How are things in New Orleans and any updates on your search? I lived out there on work assignment for just over 3 years. I was on the other side of Lake Pontchartrain. Not too many mats on that side, somewhat expensive (compared to my area), and in various levels of cleanliness varying from neglect to almost decent.
I stopped by a few when I was in the New Orleans side and made similar observations. This is a great business to be in but it is a heck of a lot more difficult and involved than most will ever know.
Looking forward to hearing about your search and findings.
August 12, 2022 at 3:00 pm #17421James BerryModerator
Happy to see you here on the forums! Looks like I may be a little late to the post, although I am interested to hear about your experience visiting the site with the broker. How did it go?
If you are still looking for more information, Jordan just posted a new video today which I think is really helpful when looking at deals! Check out his new video Don’t Fall for This SCAM When Buying a Laundromat. It is just one thing to look for when doing due diligence!
Hope the visit went well!
August 13, 2022 at 8:00 pm #17430JuanParticipant
Not much input from Gabe.
I am flying out to NOLA on Mon AM. I’ll be out there working for a week or so.
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