December 14, 2023 at 10:05 am #28092
I retired a couple years ago after a 23 year career in multifamily real estate investing and I’m now getting bored. I’m looking to buy my first laundromat and am trying to decide whether I should focus on buying an existing laundromat (perhaps a struggling store with turnaround potential) or build new. Fortunately, I have the money to go either route so financing is not a key consideration in the decision-making process. I’m mostly wondering if building new is too complicated/ambitious since I have no experience in the industry. On the other hand, buying an existing store could mean I’m just buying someone else’s problems. I would appreciate any advice and recommendations from successful, experienced folks in the industry.January 26, 2024 at 12:07 pm #28343Racheal MarkParticipant
Great postJanuary 29, 2024 at 8:20 pm #28350Mac AndrewParticipant
Exploring the laundromat business post-retirement is exciting! With your background, you have a solid foundation for this venture. Purchasing an existing laundromat offers immediate cash flow and a customer base, though it may come with existing challenges. Building a new one allows customization to market needs but requires more effort in establishment and customer acquisition.
Regardless of your choice, consider adding a Wash And Fold Laundry. It’s a popular, convenient feature that can significantly boost revenue. Thorough market analysis and maybe advice from industry experts could also be beneficial. Good luck with your new venture!
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