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Registered: ‎08-17-2019

a few months back I bought a laundromat

Back in May I identified what I believed to be a prime location of a recently closed down laundromat in a town near me. It's located right next to a 200 unit apartment complex, and about 4 blocks away from another 50 unit complex. At the time the 200 unit did not have any washers & dryers, nor are there any convenience stores within about 14 blocks.

 

I had been putting feelers out to the owner for a few months prior to May about the possibility of him carrying back part of the purchase price, to limit me having to find a bank to finance the deal (I hate banks). He was pretty positive on it as long as I'd come up with a little under 20% down, then be able to fund the renovations as this location was pretty well neglected, and most of the laundromat equipment was broken.

Still, being the guy that I am, I didn't want to have to come up with the $$ to put down, or renovate it, so I came up with a business plan/proposal and shopped it around to a few investors I knew who were interested in projects like this. After my 2nd or 3rd contact, I was able to get an investor on board for the project, covering the entirety of the down payment and all the renovation costs.

We closed May 26th, having in mind a late June opening. Unfortunately it went awry when the fire department failed the location during our occupancy inspection - I've never gone through one so I wasn't really sure what to expect. One of the things they failed was a bank of old dryers in the rear of the location which they deemed to be fire hazards. That added an extra 3+ weeks to the rehab schedule, so we didn't open till July the 8th.