12/10/2023 0 Comments Cabrillio laundry mattSo I made that fated phone call I mentioned earlier, asking the listing broker for more information. So we knew we’d have to get the rest through financing either an acquisition loan or perhaps even the seller would be willing to carry the financing? (Hmmm…a motivated seller?)īut we had agreed to only invest $50,000 of our cash into a business venture. And they had just lowered the price from $150,000. The unattended laundromat in our neighborhood shopping center was up for sale. One was too far away, another the seller seemed sketchy.Īnd we couldn’t believe the coincidence. So we started looking around at laundromats for sale. We decided up front that we were comfortable investing no more than $50,000 into a business venture. (In fact, during the COVID-19 quarantine, our laundromats remained open while other small businesses had to close. It’s an “Essential” business – People have to do laundry, no matter what the economy is doing. Significant Cash Out Value – Due to the rapid building of equity in the business, in just a few years the business will be owned free and clear and can be sold for a very nice sum. Financing is Self-Supported – The monthly payments for the purchase loan are paid by the business itself. Easy Financing – Even first-time owners can obtain a purchase loan relatively easily, and many sellers are open to carrying the financing themselves. Quick Equity – Business loans are typically just 5-year terms, so equity builds very rapidly. Passivity and Minimal Cash Investment – Laundromats require a much lower cash investment than almost any other business, and they can be operated relatively passively – in just a few hours per week. Increased Asset Value – As business income increases, so does the value of the business itself. Cash Flow – Even a small location can earn several thousand dollars profit each month. Here’s why we were so intrigued… 8 Reasons Why a Laundromat Was the Right Business for Us: We looked at various businesses from all different industries, and after some extensive research, landed on just the right thing. We soon realized owning a business could be the game-changer we were looking for.īut we were worried about taking that first step our minds were filled with anxiety and self-doubt. It felt like the right time to change things up, but we had no idea what or how. Tired of the 9-to-5, tired of just moving along life’s path. It was 2014, and for years, my wife and I had been restless. I left a brief message explaining who I was and that I was interested in getting more information about a local laundry that was for sale. So I let the phone ring and just as I’d hoped, it went to voicemail. “You’ll regret the things you didn’t do more than the things you did do. I was nervous, rehearsing what I was going to say, oddly wishing that it would go to voicemail.Īs I heard it ringing on the other end, and battled between letting it continue to ring and hanging up, I kept telling myself… I clearly remember making that first phone call to the listing broker about the laundromat in our neighborhood.
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