New Member in Metro Atlanta!! Planning to buy 2 in 2 years!

[Orlando Lee]

Hello, Laundry-preneurs! With lack of knowledge in the past I have missed several opportunities to purchase existing laundry mats. Now, I want to soak up as much knowledge as I can.

[Oscar Uribe]

Orlando, did you say “Laundry-preneurs” and “soak” up knowledge? Shame on you.

In that case let me offer this:
1- Being tired of your current job situation is like having a pile of stinky laundry
2- Doing your due diligence is like researching for the right detergent
3- Finding a good laundromat is like finding $20 bucks in your jeans pocket before you wash
4- Do not let nasty brokers take you for a spin cycle
5- Sellers will often Fluff revenues and Fold expenses in half

Cheers, mate. Write back.

[Orlando Lee]

Haha.. indeed I did! Very good rebuttals there Oscar! I can appreciate them. What has been your experience and where are you now in your journey?

[Oscar Uribe]

Haha. Thanks for being a good sport.

Well, I wish I had some super knowledge to share. I don’t own any ‘mats…YET. I have tried real estate investing. That can be great, but the buy in is super high, the growth is very slow, returns kinda low, and you REALLY need to vet your applicants.

Laundromats seem attractive cuz of lower buy-in, and higher % returns. Having a mentor seems like it would be great. But at the very least, it seems like you gotta be real comfortable with financial statements, not afraid to ask direct questions of the sellers/brokers, be willing to spend some good hours digging and doing forensics.

Have you had any experience? P.S. I’m in Los Angeles.

[Dev]

Orlando congrats on your aspirations. I have the same goals. I think it’s highly obtainable. This is an entertaining thread.

[Orlando Lee]

Interesting! I recently became a Realtor. I may rehab a few houses to earn some “quick” cash to invest in the laundry business.

At the moment, I’m only researching opportunities, talking with people I know in the industry, and listening to the podcasts here. My next step is learning out to value an existing business in order to make a good offer and see a profitable return.

[Orlando Lee]

Thanks and same to you! I’m grateful to be in this community with those sharing knowledge and experience on this journey.

[Oscar Uribe]

Hey, Orlando. Did you sign up for this Thursday’s webinar with Jordan? It’s about how to analyze an existing business, etc. I just signed up. It might be stuff previously covered. Not sure. Regardless, it’s good to review it and keep it fresh.

[Orlando Lee]

I didn’t but I will. Thanks for letting me know, Oscar!

[Dan Arnett]

Some of the comments and responses on this one my kids would definitely file under the realm of dad jokes! Did I mention that I am going to use them on them when they are cleaning the store next? lol. Thanks for the smiles!

[Author]

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