Laundromat Resource Forums New Member Introductions! New Member in Metro Atlanta!! Planning to buy 2 in 2 years!

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9 replies
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    • #3678
      Orlando Lee
      Participant

        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.

      • #3819
        Oscar Uribe
        Participant

          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.

          • #3824
            Orlando Lee
            Participant

              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?

              • #3825
                Oscar Uribe
                Participant

                  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.

            • #3826
              Dev
              Participant

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

                • #3843
                  Orlando Lee
                  Participant

                    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.

                    • #3844
                      Orlando Lee
                      Participant

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

                  • #4227
                    Oscar Uribe
                    Participant

                      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.

                    • #4228
                      Orlando Lee
                      Participant

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

                      • #4240
                        Dan Arnett
                        Participant

                          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!

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                      Laundromat Resource Forums New Member Introductions! New Member in Metro Atlanta!! Planning to buy 2 in 2 years!