Laundromat Resource › Forums › Laundromats › Financing my first laundromat

last updated by Mike Sisson 4 years, 4 months ago
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    • November 19, 2021 at 8:55 pm #13299
      Mike Sisson
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        Hey all,

        Curious if people think this is doable. I really wanted to get into the real estate business as I felt I had a good handle on it but as I started to get some momentum having 2 properties the market went haywire so I’ve been looking for other ways to optimize my money. My current properties have ~250k + ~70K in equity, cash flow is ~700/month on each as furnished rentals (no airbnb allowed). I have about ~50k in liquid cash as well. I’ve been looking at laundromats in the <200k range and have found one I’m interested in. Cash flow is estimated ~45k/yr and I’m about to engage in talks with the broker ( have a list prepared from Jordan’s resources and a friend that owns a few businesses). If you were me, how would you go about the financing of said purchase? Aim at cash + sell financing? Use a home equity loan + some cash? Only home equity? Search private financing? A combo of any/all of these? I’ve heard SBA loans can take forever to obtain so the options listed are a bit better?

        Thanks in advance everyone!

        Mike

      • November 19, 2021 at 9:13 pm #13300
        Mike Sisson
        Participant

          Whoops! Just realized there’s a specific area for financing so I’ll make a post over there! If any mod would like to delete the post feel free 🙂

          Mike

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