New Laundromat Investor – Jersey City, NJ

[Jerod Watson]

Hello All!

I’m completely new to the laundromat space and am early in the research phase. I hope to buy my first mat by year-end, if not sooner. I’ve commented on a few posts already but wanted to formally introduce myself to the group. Wishing success for everyone here and would love to connect with anyone in the Jersey City area.

Thanks,
Jerod

[Bianca Mendoza]

Hello Jerod! Welcome to the group! I’m from north plainfield nj. I’m also doing my research about this field. I don’t if you feel comfortable answering this. Are you getting a loan from the bank? That’s where I think I would struggle. I don’t have savings to put down.

[Jerod Watson]

Hi Bianca,

No worries. I don’t mind answering. I have only a small amount of savings to leverage. So I’m planning to use seller financing instead of a bank loan. Ideally, I will negotiate 100% financing, but am preparing to put down 10-15% just in case.

How far along are you in the process?

Thanks,
Jerod

[Bianca Mendoza]

Hello

That’s sounds good. Why is it better to do a seller finance than a bank? Is it because the seller can charge a small interest fee compare to the bank? The most I have done is buy two books, listen to the podcast from laundromat resource and join a group on Facebook. That’s all, so not a lot lol

[Jerod Watson]

I believe seller financing is better because all of the terms are 100% negotiable (down payment, interest rate, frequency of payment, term length, etc). So that can be more favorable if you have less cash to start with.

[Bianca Mendoza]

Oh I see. Sounds better because I don’t have that much money. For me the next part of being worry when is time to look at their documents to verify everything. I would feel lost. I know you must check the taxes, water bill, gas bill, count the machines and I forget what ele.

[Jerod Watson]

Yes, that part could be challenging, but not impossible to figure out. I’m definitely trying to build relationships with current owners who I could rely on for assistance. Let’s stay in touch. I’m certainly open to learning together.

[Bianca Mendoza]

Yes!! I have more questions! If you don’t mind. If you don’t mind you can email me at [email protected]. thanks!!

[Bianca Mendoza]

Hello Jerod! Thank you for reaching out. Email so we can set something for tomorrow after 6 pm or anytime during the weekend.

[Jerod Watson]

Sure, you can email me at [email protected].

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