Tom Donnelly has built the life of adventure that he wants through investing in real estate and laundromats and he wants to tell you how he did it! Traveling the country in his RV, Tom is invested in 30 rental real estate units and a laundromat and has never seen ANY of them! And yet, he’s living a life of freedom and adventure!
Tom got his start in laundromats through soliciting laundromat owners in a wildly successful direct mail marketing campaign! He talked about it on the Laundromat Resource Forums (links to the topics below). From his acquisition strategy to his management strategy, Tom has been operating on a different level.
In this interview with Tom, we talk about:
- His background in investing
- How he got into real estate investing
- His multiple investing strategies
- Remote ownership
- His direct mail marketing campaign to buy his first laundromat
- Negotiating seller financing
- Negotiating the acquisition of a commercial building
- Tips on successful partnerships
- His plans for the future
- Working with distributors
- His strategy to get things done
- Gobundance Mastermind group
And much, much more!
Listen To The Podcast Here
Watch The Podcast Here
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Links from the show
- Laundromat Resource Podcast Show 2 with Dave Menz
- Tom’s Direct Mail Campaign Forum Post
- Tom’s Direct Mail Campaign Follow-up Forum Post
- Laundromat Resource Forums
- Laundromat Resource Podcast
- Coin Laundry Association
- Gobundance- Entrepreneurship Mastermind
- Diligence Capital Investments
- Laundromat Investor Resources
- Join Laundromat Resource
- Laundromat Resource Forums
- Laundromat Resource Blog
- Be a guest on the podcast!
- Sell your laundromat
- Laundromat Resource Coaching
Connect with Tom
Born and raised in Chicago, IL for the first 31 years of my life. Moved out to San Diego for better weather and a more active lifestyle in 2015. I lived there for 5.5 years and just made the move into a 40ft fifth wheel RV trailer with my girlfriend Erin. We are now working and traveling on the road full time with no end date in mind! The goal is to be on the road for 3+ years if we can make the new lifestyle work.
I’ve been buying up properties in the midwest and tennessee since 2018 and currently own 12 buildings (a mix of small multifamily, airbnbs and one commercial building – which is where the laundromat is).
I first heard about laundromats as an investment through a networking group I’m apart of in March 2020. Someone posted in the FB group that they had an opportunity to buy a few but didn’t know anything about them. I saw a few owners respond with great things to say and I decided to connect with them directly to learn more. I also found the Laundromat Resource podcast at the same time and starting learning as much as I could to solidify my conviction that this was a good asset to invest in.
Long story short, I was convinced and reached out to two buddies of mine who expressed their interest in partnering. We put together a list of laundromats we were interesting in buying, started calling them with no success. This lead to a mailing campaign to about 60ish stores with a couple of good leads coming back. One of those leads we closed on in February through seller financing. We also bought the commercial building it sits in after calling the landlord for a new lease and realizing he was ready to retire. The store grosses $160k/year and has been beaten into the ground with old machines, poor upkeep and mismanagement. We’re in the process of turning that around!
Our goal is to acquire one other laundromat in 2021 and operate in the top 10% of store operators.