Jordan Berry [00:00:00]:
This is part one of a free three part course that’s going to show you everything you need to know to buy your first laundromat this year. This video I’m going to show you.

Jordan Berry [00:00:10]:
Exactly how our team finds Laundromat deals for our clients.

Jordan Berry [00:00:14]:
So you can do it yourself.

Jordan Berry [00:00:15]:
Finding a Laundromat in today’s market can.

Jordan Berry [00:00:18]:
Be very difficult, but I’m going to show you how to do it. And over the next two videos, I’ll.

Jordan Berry [00:00:22]:
Show you exactly how to value those laundermats and every step of proper due.

Jordan Berry [00:00:27]:
Diligence so you know what you’re buying before it becomes yours.

Jordan Berry [00:00:32]:
Here’s the first big mistake most buyers make. They only look in one place for deals.

Jordan Berry [00:00:37]:
That’s probably best buy sell. You’ve probably done it.

Jordan Berry [00:00:39]:
I did it too.

Jordan Berry [00:00:40]:
We don’t only look in one place.

Jordan Berry [00:00:42]:
We find laundromat deals in three big buckets. We have a six step process that we go through. Bucket number one is public markets. This is looking on major buyer platforms, broker websites and even AI searches. Bucket number two is broker professional networks. These deals come from relationships that we develop with brokers, contributors, service technicians, other industry insiders where those deals often show.

Jordan Berry [00:01:09]:
Up early and they show up quietly.

Jordan Berry [00:01:11]:
And bucket number three, off market deals. We have direct contact with owners, landlords, vendors and other internal signals that show us that a store might be ready for sale before anybody else knows about it. So if you want to help organizing all three of these deal sources in one place, we built a custom platform.

Jordan Berry [00:01:31]:
For ourselves, decided to allow you to use it.

Jordan Berry [00:01:36]:
It’s called Laundromat DFY stands for done for you, but now it can be DIY. But check out laundromatdfy.com and sign up.

Jordan Berry [00:01:45]:
For a free account.

Jordan Berry [00:01:45]:
It’s free. A platform where you can help you find that deal much, much faster. Now listen, this is only the framework, but you’ve got enough to go get started if you want to right now, use those three buckets, go to Laundromat.

Jordan Berry [00:01:58]:
DFY and utilize that.

Jordan Berry [00:02:00]:
And you can get after it. But if you want more details, want to see our full six step process?

Jordan Berry [00:02:07]:
Stick with us. I’m going to bounce back to the.

Jordan Berry [00:02:08]:
Studio here in a second and break.

Jordan Berry [00:02:10]:
It all down for you step by step.

Jordan Berry [00:02:13]:
If you end up heading out to take some action right now, do me.

Jordan Berry [00:02:16]:
A favor before you go, drop a.

Jordan Berry [00:02:18]:
Like because listen, you would have earned.

Jordan Berry [00:02:20]:
It getting after it after that. But if you’re gonna stick around, grab.

Jordan Berry [00:02:24]:
A notepad and let’s Jump into it.

Jordan Berry [00:02:26]:
Right back in the studio. Okay, let’s jump into the meat of this framework. Let me break it down step by step. We’ve got our three big buckets, our three primary channels that we utilize to find these Laundromat deals. And then we break it down into six steps. I’m going to go through all of those for you. So get ready to take some notes. If you’re out there and you’re serious about buying your first Laundromat, that’s the big picture.

Jordan Berry [00:02:50]:
Let’s zoom it in so you know exactly what you should be doing and how you can actually do this. So first of all, let me just introduce you to the Laundromat deal finder platform that we’ve created here. This is, we call it Laundromat Done for you or laundromat dfy.com you can get a link to that if you’re on YouTube down in the description. If you’re on the podcast, those will be in the show notes. But the Laundromat deal finder platform, so you just come to this, it’s free. This is a custom platform that we built to be able to work with our clients and feed them deals and move quickly on deals that are good deals. But we decided, hey, let’s create a DIY part of this platform so that you guys can utilize the same tools that we’re utilizing when we find deals for our clients to go over there, you just click sign, sign up. It’s real easy.

Jordan Berry [00:03:44]:
You just create a account with your email, a password, and I think that might be it. So just do that and then you can sign in and this is what it’ll look like once you sign in. Again, this is 100% customized, built for us to, for this specific purpose, and we’re giving it to you for free. So check that out here again, it’s laundromat dfy.com done for you. Dfy.com this is what it’ll look like when you log in and you start getting going. Okay, just real quick as a, as a quick overview, you’ve got your dashboard right here. This is where you can hit all the highlights of everything you need to see about a particular deal. So any deals that you’ve uploaded into your platform, you’ll be able to see right here.

Jordan Berry [00:04:32]:
And this also does have a broker CRM. You’ll see how that’ll play in as we get going. But any brokers that you’ve connected with and added into the the system here, the CRM here You’ll be able to see that. And then also, one of the things that’s important for us is that we know that, listen, it’s not easy to find deals these days. So we know that we need to take action. The more action and activity that we can have, the better the chance that we will be able to find a deal for our clients. And so we’ve created into this platform a way to track the activities that we’re taking, both so that we know we’re doing all the right things. We can keep track of the activities that we have taken and what we need to take, and so our clients can see the activities that we’re taking on their behalf.

Jordan Berry [00:05:22]:
Okay, so there’s some quick actions you can do right here off of the platform. You can add a deal here at a broker login activity. You can view the deals you’ve already added again, you can assign tasks yourself to yourself and date those. That way they stay tracked in the system and then analytics about where you’re at in the process. Okay, so real quick, I’ll just take you through again. Not gonna go crazy deep into here. You can come play with it again. Laundromat, DFY done for you, dfy dot com.

Jordan Berry [00:05:54]:
But let’s just, you know, let’s add a pretend deal here. So I gotta do is come add a deal. Listen, I’m in Los Angeles. So we’ll just say I’m in the Los Angeles market and the store is Jordan Soapy Tub. How about that? Okay. And we’ll say this is on Crenshaw. You put the whole address in here if you want. If you’re, if you found this deal through a broker, you can actually assign a broker to the deal.

Jordan Berry [00:06:20]:
That way you know who to, you know, keep track of. You’re in California, I do broker some deals here. So throw my name and info in here and you can, you know, keep track of me as well. Asking price, you know, let’s just say it’s, you know, $400,000 and gross revenues due. And I don’t know, let’s call $300,000 net income, we’ll say it making 80. And the rent, I don’t know, we’ll just call it $3,000. Size. Let’s just say 2500.

Jordan Berry [00:06:54]:
Okay. Then status. You can keep track of where it’s at in the process. Right. Open. If you get it under contract, you put it here closed. If somebody else swoops in and buys it out from under, you can mark it as lost. That way you don’t have to do anything.

Jordan Berry [00:07:05]:
And then any notes you can put in here, right there. And then you just go to add deal here. All right, so now we’ve got Jordan soapy tub right here with all the relevant information. You can view the sheet here. Okay. And also you can export this to PDF if you ever need to pull it out of the system or you want to keep your own file or anything like that. Again, it’ll all save in here. But if you wanted a PDF, you could do that here.

Jordan Berry [00:07:30]:
So you got all your highlights here, the notes that you’ve included. And then if you want to log in activities. So let’s just say, you know, you called me because you wanted this deal. And then you can say what happened on the call? There you go. Didn’t. He didn’t pick up. He’s a deadbeat, right? Or whatever you want to put in here. And they give you some recommendations and stuff and then it allows you.

Jordan Berry [00:07:52]:
This is awesome. It allows you to schedule a follow up. So listen, I’ll just, you know, keep the default date and time and then we just say log activity here. Okay. It all right, I got an error. We’ll make sure we get that bug fix before this comes out. But that’s how you would log in activity right here. You can see that, no problem.

Jordan Berry [00:08:12]:
Okay. And that will show up in your activity log once it’s all, you know, once it’s all smoothed out. And again you sign up in this and you find little bugs in here. I’d consider this beta, but we’re just now launching it for the, you know, do it yourselfers out there. So utilize this. And I will say too that our our done we have done for you clients where we go out and do all this for you. We find the deals and we assign them to you and you tell us, hey, we like it or we don’t like it. We also have done done with you clients and they’re already beginning to utilize this platform as well.

Jordan Berry [00:08:46]:
It’s been super effective. Okay, so that’s deals here. Our broker CRM also awesome. So as you’re searching around for a laundromat or you’re calling brokers, you can keep track of those brokers here. Again, very similar, very simple. You can just input the broker information here and you know their phone number, their email, their website, all that. You can leave notes about them that you want to keep track of here. And then you just click add broker.

Jordan Berry [00:09:15]:
This is what it’ll look like here. You can view broker information and again the beauty of this is that now we can keep track of when we’re calling the brokers and when we need to call them again. And I should just point out real quick that with the platform, you will get notifications here to remind you to do the things that you’re supposed to do. And you’ll also get email reminders when those tasks come up. Okay, Same with the tasks. You can add these tasks here. You just add a task. You know, what, what needs to be done.

Jordan Berry [00:09:51]:
Hey, I need to call Jordan. He didn’t pick up. He’s a deadbeat. You know, you can remind yourself what you need to do here, and you can assign it a priority level and a date and then click add task. That’ll all show up right here for you so you can keep track again. Finding a deal in this market today is easier said than done. This is the process. I’m going to take you through the whole process that we go through to find deals for clients.

Jordan Berry [00:10:19]:
And it’s a lot, but this is going to give you the best chance to get this done. Okay? So you can also see your activity log and the analytics here as you go through that, but we are not going to go through all that here. Okay? So now what I want to do is I want to take you through, step by step, exactly what it is that we do to help you find a Laundromat deal. Okay? We’ve got our three big buckets. Now let me break them down for you. All right, so let’s start with bucket number one is our public market search. What exactly do we do when we do our public market search? Well, we do a lot of what most of you have probably done already is we’re searching the platforms online to look for what deals are available. When we find those deals, we add them into our platform, we assign them to a client.

Jordan Berry [00:11:13]:
You won’t have to do that because you are your own client. If you’re doing the diy, we assign them to our client. Our client says yes or no on those deals. Or, hey, we want to talk about it some more. So in order to find those deals, listen, we’re looking at all the major platforms. I’ll name off a few of them. BizBuysel, BizQuest, Biz Bin, all the biz websites. Some slightly less common websites that we utilize are Facebook Marketplace, Facebook groups, Craigslist, LoopNet is another one.

Jordan Berry [00:11:47]:
We just Google Laundromat for sale in whatever city that you’re in. These brokers that we input into our CRM, we’re Checking their sites. A lot of times they have businesses listed on their websites that maybe don’t get into some of the big ones. And then we’re utilizing AI as well to help us find deals. So that’s what we’re looking for. The cadence of what we’re looking for these things is about three times a week we’re going through each market that we’re working with clients with three times a week and seeing if anything new pops up. You can also do things like add Google alerts. That’s a hot tip right there.

Jordan Berry [00:12:24]:
Add Google alerts for laundromat for sale in your city or your area or your state, wherever you’re looking. And that way Google will just feed you those if they come out. But I wouldn’t rely solely on that. But that can be a really great tip. We’ve talked about our public market search. The next bucket that we have is our broker and professional network that we tap into. I’ve kind of showed you in the Laundromat dfy, our broker CRM. So our objective when we onboard a client, the first thing we do is we make a list of all the.

Jordan Berry [00:12:57]:
We actually have a list, but we narrow it down and get specific about all of the laundromats that are in the area in general. Then what we do is we look for all of the deals that are on any of anywhere on the Internet that are for sale, just like we talked about before. So we want to know all the laundromats in the area. Then we want to know specifically which ones are currently for sale. And again, we do that about three times a week where we’re, we’re reanalyzing those deals. And then what we do is we create a master list of all the brokers that we can find in the area. So that’s laundromat specific brokers, that’s small business brokers. If our clients are open to or interested in buying real estate, we’re looking at commercial real estate brokers as well.

Jordan Berry [00:13:42]:
We’re making a full list of them, inputting them into the CRM. And let me tell you what we’re doing with those. So we’re going to add them all from public listings. We’re going to check, you know, all the sites. If anybody is listing a laundromat in the area, they’re automatically going into the CRM. Even if the laundromat that they’re listing is not one that we’re interested in. That’s one way to get them. Another thing that we do to, to build this broker, you know, comprehensive broker list is we conduct Google sweeps.

Jordan Berry [00:14:11]:
So we’re looking for laundromat brokers in your city, business brokers in your city, commercial real estate brokers in your city. And we’re just making a comprehensive list. And then we utilize AI as well to help us discover brokers, find brokers. And when we do find them, we’re inputting as much information as we can find about them into that CRM. So what bare minimum, what we’re looking for is their name, their phone number, their email address and their brokerage website. That’s a bare minimum of what we’re looking for. And again, when they have deals for sale that may or may not fit our clients buy box, we’re going to sign those deals to that broker. So that way we can keep track of when we call those brokers, we can ask them about, you know, the deals that they have in terms of the cadence.

Jordan Berry [00:14:59]:
So here’s where we get a little, we listen, we get a little extreme here, but in terms of the, the, the cadence, our goal is to have two touches per week per broker. So we’ve got our whole list in the market. We’re trying to connect with those brokers two times a week. Some of what we do again is referring deals or referring somebody from our network to them to, to help them out. We try to create tools specifically for them to help them out. Like for example, this course that they can say, hey, you know, go check this course out. You’re going to know exactly how to buy a Laundromat. And we’ll just say, hey, share this with any clients you have so you don’t have to answer all their pesky questions.

Jordan Berry [00:15:40]:
We’ll do it for them, right? We’ll try to give them some insights on the industry, on the market, you know, every quarter or so just to, you know, just to offer them something that’s useful for them. That’s what we’re doing with our brokers. We’re making sure they get in there. Then two times every week we’re trying to make some sort of contact, whether that’s asking for deals or offering something to help them out. Bucket three is off market deal generation. We’re on step three right now of our six step process of finding deals for clients. So our objective in this, this bucket here, this category of what we’re doing is to access opportunities unavailable to the general market. Again I mentioned before, one of the first things we do is we build a list of all the laundromats in the area.

Jordan Berry [00:16:28]:
Here’s how we do it is we collect all the zip codes within the buy radius for a client. So you know, if you’re in Dallas, we’re going to look at all the zip codes. You know, if a client says, hey, I’m willing to drive 45 minutes, we’re going to look at all the zip codes within around a 45 minute to an hour radius and we’re going to pull those laundromats and create a list specifically for that client. Now we have the advantage of we already have a list of all the laundromats in, in America that are at least the ones that are listed online. And so we can create that list pretty quickly and easily for you. If you’re in a market, it’s actually not that difficult to just go on Google Maps and say, hey, Laundromat near me. If you’re in, you know, within your radius and then just kind of make a spreadsheet or make a list of, you know, all the laundromats that are in that area. You can check Google Maps, you can do the same with Yelp or one of the other maps like Bing Maps or Apple Maps or whatever you prefer.

Jordan Berry [00:17:25]:
And then also, you know, if, if you’re in an area where you’re like, hey, maybe some of these laundromats don’t have websites or not online, you can also just drive around and make a list of laundromats there. So what we’re trying to put into again, you know, we have that, the, the deal CRM there and they don’t necessarily have to be deals to put them into the, the Laundromat D platform, but we want to keep track of those laundromats. So what we bare minimum of what we want from a laundromat is we want laundromat name if they have one, might just be Laundromat or Coin Laundry or whatever, but laundromat name, if they have one, we try to be a little more descriptive in the name by the way, so we can keep track of what’s what. But laundromat name the address. If we can get like a phone number or an email address or something like that, we try to get that as well. And that sets us up to be able to reach out to them and find out if they’re interested in selling. So once we have that master list of all of the laundromat’s in the area, it’s time to execute. We’ve got a three touch outreach system that we utilize.

Jordan Berry [00:18:27]:
Okay. And then we’re going to execute that three touch outreach. Number one, direct mail, soft, low pressure message. In fact, if you go to laundromatresource.com resources, you can actually download a template of the exact letter that we mail out to Laundromat owners when we’re looking to buy that laundromat. Okay, so go check that out if you need it. Number two is phone call. If we can get a phone number, then we’re just, you know, looking to have a conversation with them just to see, you know, if they might be interested in selling or if not, if they know anybody who’s interested in selling. That’s a hot tip right there too, because multiple times we have spoken with a laundromat owner who’s not interested in selling, but who knows someone who is and been able to strike up some deals that way.

Jordan Berry [00:19:13]:
So it’s a great way to go about it. And then number three is email or text follow up messages. We try to keep a cadence. If they, if they’re interested, we try to touch base with them every three to four days. If they say, hey, I’m not interested in selling, we still try to keep in touch with them about once a month because we want to be there when they are ready to sell. All those touch points though are logged in the Laundromat DFY platform. And any potential deal information that we can glean from those direct mail, phone calls, emails, text messages, all of that is going into that, into the deal on the Laundromat DFY platform. In addition to that, we’re looking for distress signals that we prioritize.

Jordan Berry [00:19:58]:
So we definitely want to make note of, in the, in the platform. We want to make note if we find a Laundromat that has multiple broken machines, bad reviews that keep trending downward, reduced hours, like, you know, we see Laundromats all the time that are open like whenever it’s convenient for the owner. Maybe because they can’t do more hours or they just don’t need to or don’t want to do more hours, that a lot of times that’s a sign that hey, maybe they’re getting close to being ready to sell here. You know, if there’s, if it’s like a zombie mat, you know, it’s dirty or unstaffed and just not being run well, if there’s, you know, out of order signs all over the place, empty parking lot, consistently, these become a higher priority for us. If we’re working with a client who is like, hey, I’m looking for a value add opportunity. We also have clients who just want turnkey done for you. Obviously we prioritize other things. When we’re doing that, you might think like, hey, that pretty much covers the three buckets, but within these buckets there’s some more things that we do.

Jordan Berry [00:21:01]:
So number four, so we’re at number step number four is our insider industry insider network that we tap into. So for us, we’re super blessed, right, because we have a platform that’s been around a really long time. We’ve created it, ton of value and we know a ton of people in the industry because they’ve been on the podcast or we’ve just met them at events and things like that. So you can still take advantage of this by getting out there and starting to meet some people. Our objective here is to leverage the insider intelligent intelligence channels that we have to predict early sale behavior. That’s what we’re looking for. So let me give you some examples of who some of these industry insiders might be that you might be able to also tap into. So for example, equipment distributors, a lot of times they know if an owner needs to retool soon and, or if they want to retool, they may not want to retool soon or if they just put in new equipment with the intention of flipping the laundromat.

Jordan Berry [00:22:04]:
Repair technicians can be a great source. Again, they know these owners, they know their levels of frustration, they know if they’re doing a good job or a bad job and they might be able to help you assess some motivation on, on selling. We also try to talk with CPAs, even probate divorce, business dissolution attorneys. We’re trying to tap into those networks as well because a lot of times they know before anybody else does. So we’re utilizing that and maybe some other people too. There’s different like vendors and stuff like that that we can tap into sometimes, but those are the main ones that deals might come from. Again, one thing that we do is for some of these channels we will offer that finders fee and that will help us to, you know, be front of the line. If, if somebody knows somebody’s willing to sell and they know they’re going to make 500 bucks for it, then they’re more likely to bring it to you first.

Jordan Berry [00:23:05]:
Number five in our six step process is we’re doing some landlord and property intelligence as well. Even if our client’s not looking for the real estate as well, we’re going to. Our objective here is to discover opportunities through building owners. So here’s, here’s kind of what we’re doing is we’re identifying all the buildings we can find that are housing laundromats. Currently we’re pulling the landlord ownership data from county records and we’re contacting those landlords. Here’s what we do when we contact them, we’re going to ask them about tenant performance, we’re going to ask about potential vacancies, we’re going to ask about how much time is left on the lease and if they’re satisfied. And we’re asking if any of their owners are looking to exit. We’re looking for.

Jordan Berry [00:23:52]:
Our goal there is to try to again catch deals before they come on the market and to be a go to solution for landlords when they find themselves in a situation where maybe they have a vacancy where a laundromat would be a good fit. We can come in and assess that and say, hey, you know what, let’s build a laundromat here. This might be a good idea. Or if they have a laundromat vacancy or they’re unsatisfied with their current tenants and they want somebody who’s going to come in and run that laundromat professionally. So that’s what we’re tapping into there. Number six out of our six step process is a monitoring and signals. We’re trying to capture real time distress or opportunity indicators. We’ll try to use the foia, the Freedom of Information act to find expired business licenses.

Jordan Berry [00:24:43]:
We’re looking for machine permit renewals. We, we, you know, check local news alerts for fires or floods. We utilize, I mentioned this before, but we utilize Google alerts. Laundromat closing in this city. Business for sale in this city. Any kind of distress means that we’re going to reach out to them immediately. That might feel super overwhelming. I need to say this right now is that, listen, I acknowledge and I realize if you’re out there trying to do all this yourself, plus you maybe are working your 9 to 5 and you have a family and you’ve got a life, this can be very, very difficult to do all of these things, if not even impossible.

Jordan Berry [00:25:24]:
It’s a lot of work. But let me just tell you, if you have to focus on a few things. Number one, the easiest thing, lowest hanging fruit is to do that public market search online. Find a laundromat online. It’s easier said than done today in today’s market, but you can find deals online and we do all the time. So be looking there. That’s the lowest hanging fruit. After that, I would be tapping into the broker network.

Jordan Berry [00:25:52]:
The broker network would. And still most laundromats are sold through brokers. And if you can find deals that are either newly on the market or even before they go out publicly on the market, you can have a much better chance of getting that laundromat deal than if you are solely relying on online listings. And then next in priority would be do direct mail. Direct mail is the best kind of bang for your buck. Obviously more effective would be going to each laundromat, meeting the owners, having conversations. But so time consuming, you can’t do that for all of them. And a lot of times they won’t answer the phone.

Jordan Berry [00:26:32]:
So that direct mail tends to be a little bit more effective. And I will say on the direct mail, it’s a numbers game. You know, most of the time when I talk to people and they say, hey, I sent out mail and it didn’t work, then I’ll ask them, well, how much did you send out? And they’ll say, well, I sent it out to 15 laundromats. And just to give you a reference, like a framework for what we do is we send them out to all the laundromats in the area. That might be 15 if you’re kind of out in no man’s land a little bit, but it might be a hundred if you’re in New York or LA or something like that. Recognizing that you have a life and all that, if you’re going to do it yourself. The things that I would prioritize is that online search, then the brokers, then the direct mail, and do as much of it as you can and be okay if you can’t do more. Okay, you will find a deal.

Jordan Berry [00:27:22]:
If you stick with it, it might just take a little longer or maybe you’ll get lucky and you’ll find it right away. That happens too. So, okay, that’s our entire system of what we use to help our clients find deals. So if you want to do it yourself, go to laundromatdfy.com it’s free. You can sign up for it. You can use the platform. We’ll have that little bug fix that we found in the video at the end there. We’ll have it fixed by the time you’re up and running.

Jordan Berry [00:27:49]:
And listen, if you’re somebody out there who’s like, you know what? I’d love to find a laundromat deal. I don’t have time to do all this myself. I love you. Guys just did it for us. Check out laundromatresource.com coaching and book a call over there. You’ll be able to talk to us. We’ll walk you through what options you have with us. And listen, we’re here to help you succeed.

Jordan Berry [00:28:15]:
That’s what we’ve been doing for a long time now. And we’ve got a team to help do all of this stuff for you if you need us to.

Jordan Berry [00:28:24]:
All right.

Jordan Berry [00:28:25]:
All right, Listen, that is Step one is finding the deal. Step two is coming up in the next video that is all about Once you find that deal, how do you analyze it? How do you determine how much it’s worth? And how do you make a compelling offer so that you have the best chance of getting that deal? That’s what we’re going to dig into. You. See, there.