How My Laundromat Makes $100,000/yr

I have laundromats down to a science. If you want to do laundromats as well click the link:
investmentjoytraining.com

[@dfor]

Start the new one. Not only just in the upside of higher actual income from the new laundromat, but the increased content that could come from it for your social media business. It seems like a win win.

[@avanjob205]

you cannot be serious. Do you know the interest rate is now ? Do you know how much of a loan that would need to be taken ? Do you know strating a build nowadays is filled with delays due to labor and material shortage, along with lengthen delivery times? That is too many eggs in one basket for me.

[@InvestmentJoy]

Is it too many eggs in a basket for me though?

[@thedappercook]

​@@avanjob205can't let things like that hold you back, that mindset is the difference between a risk taker (winner) and a loser (Loss of opportunity). Risk is what makes the rich often always richer.

[@avanjob205]

@@thedappercook LoL dude there is calculated risk and then there the "hold my beer" risk. Looking at the economy now in relation to inflation, loan interest rate, with lengthy delays on material and building cost. I would choose to buying an already established site and built it out to a million dollar location.

[@thedappercook]

@@avanjob205 not a bad idea. I'm just saying, there will always be factors that can be seen as holding someone back and they shouldn't, if it's all calculated and works for that person go all in. My interest rate on my mortgage is 5.8%, which is nuts, this didn't deter me from buying though ad the time is right and long term ill turn 1.8 million into 3.6 million once the investment is doubled in 10-13 years.

[@paulmcateer4911]

You should keep it! It will be better down the road! If you cash out now, you won’t maximize your potential to get the fullest amount back, and only by keeping it to pay everything off, then be debt free, it would be a better option to your interest to sell afterwards! You could have more money invested into your next project build, and worry less about the whole process!🙌

[@chriswalter92]

This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?`

[@tahirisaid2693]

wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.

[@tahirisaid2693]

I've come across several positive endorsements of Jenny Pamogas Canaya on various platforms, including KZbin channels, seminars, and more._.

[@blahboy68]

The transparency on this channel is amazing. You’re one of my favorite business channels because of it. Keep up the great work. Also, my opinion, keep the laundromat. The expansion process will also be a big success for your channel because it will bring in another type of KZbin crowd ( construction video subscribers). Good luck!

[@InvestmentJoy]

Really appreciate comments like this

[@grantcivyt]

I second this. Starting a totally new construction is a big learning process. I would prefer to ease into that learning by expanding an existing business.

[@andrewsmall6568]

We really need Danny D'Angelo's reaction to this... I`ll get the popcorn 😆😆😆

[@heyday1532]

Or Peter Mayberry.

[@per-olamjomark7452]

Thanks for posting your videos Brandon, I enjoy watching them. Laundromats are pretty much non-existent where I live (Sweden). Much due to the fact that most apartment buildings have a communal laundry room with washers, tumble dryers, drying rooms/cabinets, and instructions on how to use them. As far as I know there is only one (1) laundromat in central Stockholm, mainly used by travellers. Maybe you should start a branch overseas :) Take care.

[@RogerThatPetSitter]

How do you get loans without signing personally?

[@InvestmentJoy]

That'd be a fun video I bet :D

[@InvestmentJoy]

Start an LLC, build credit in the LLC's name, take a loan out on it and not yourself.

[@NerdGlassGamingPA]

@@InvestmentJoy and if you fail, the LLC goes under but not you basically I presume ?

[@BobEstler]

If you want to expand without debt you can either take on an equity partner or Jut break the expansion into smaller projects and pay cash as you go. Celan up the space, run utilities, finish the space, add equipment as cashflow allows. Would be an interesting journey to watch. Once you have that done use the Dave Ramsey debt snowball to pay down the other debt on the facility. Cashflow is not what you bring in but what you keep.

[@InvestmentJoy]

I'm at year #4 with moderate debt. If I did pure cash I imagine it'd be a 10+ year cycle, and potentially start running into large cap-ex within 5 years, meaning it might take longer.

[@gouldnj]

Expand or die. Less locations, more machines, more commercial opportunity. Either way you run into the risk/reward scenario and the absolute nightmare that can local and federal ordinances/permitting of a facility that works with hazardous material, BUT modern laundry facilities that use card based systems are everywhere and the tech can be easily purchased. I’ve personally stuck with retail commercial and rental property, but you are an amazing content creator and businessman!

[@The_Bronze_Spoon_Investor]

Hey. Nice Video!

[@CrestwoodRocks]

Well good luck in working on expansion. I might have some ideas.

[@4h1n]

Very good put together video bro!!

[@InvestmentJoy]

Appreciate it!

[@railsrust]

So instead of just going all in based on just a yes or not from viewers, how about fielding the cost/benefit analysis everyone submits. Here's my two cents on this. 1. You basically built this business, not quite from zero but pretty low. I can tell that some part of you is proud to have done this, and for many people it's hard to let go. You might end of regretting it. 2. It's a lot of risk to build out this place to be bigger. You know what's an even BIGGER risk? Opening a giant new location. 3. If you're wanting to have multiple locations, you're kind of going against what you were going for in the first place. You need to pick either multiple locations or one big one. 4. You now have a PROVEN business that works. It just needs some extra investment into it. You know what works and what doesn't in this business. Open a new place and you have a whole new set of problems. Something that you might not want if you are as risk adverse as you say you are. 5. This channel was built upon this laundromat. Yeah, many people SAY they'll stay with the NEW laundromat, but do you know that to be true? There's something to be said about having somewhat of an underdog story to your channel. 6. This place could be generating revenue WHILE you open another location (whether it's the BIG ONE or another small one), helping to offset the balance. There's other things I could probably imagine up later, but I thought these were some decent points.

[@alondamontgomery3026]

Keep it. You are on track to have the money on hand in a couple years to build without financing.

[@thomasrobinson5185]

Wondering. We do a lot of revenue at our laundromat and seem to always be upside down with our bill collector and quarters being recycled. Meaning we have thousands of dollars in excess quarters every month. What do you do with extra quarts that don’t fit in the bill breaker machine ?

[@InvestmentJoy]

Depending on where the month/time is, i might sell quarters between my different businesses, otherwise I take bags into the bank and convert to bills.

[@acryonympasta3679]

The laundrymat in my town sutherland nebraska is cheap and rundown

[@FloydTaylor]

DO NOT SELL. BAD DEAL.

[@artimissmith6715]

I'm thinking about buying a couple of vending machines to put around where I live, do you have any tips/recommendations that I could use?

[@yuriorlov47]

I need to get into this

[@ajb7530]

Keep it. It's a money maker. It's one of your good income streams. It helps people who need the laundromate. If you sell it, the other person could destroy it by changing things.

[@ElijahPerrin80]

I would keep what you have unless it is losing money, pay it off asap and then move on to the next asset.

[@MrYuzuro]

I dont think having a new laundromat is good or bad. you have to consider if the location for a laundromat is the hot spot for that. Make it very close to the center of the towns and citys, if you actually buy a new place to invest.

[@Jabberwocky4k]

Sell it and start a new (a community poll next time would help too) Great channel and congrats on this successful laundromat location BTW.

[@InvestmentJoy]

Thanks!

[@m417k]

Did you ever get the front door window fixed

[@ReikiHealingMusic_com]

Planned expansion od the existing place is the answer. For example, moving the stuff including the "office" downstairs free up space upstairs and expand. over the next 12 months. no rush.

[@Dreamscometrue-ey6vg]

yes I so want to do my own laundromat business that be so cool :) I saw one in ny for $200,000 it has alot washing machines and dryers.

[@watomb]

Well sometimes you can be greedy and set the next guy up for failure. I don’t think I would buy commercial anything at this point unless I could convert offices to apartments. Thinking in two years office space will be cheap enough.

[@BurnoutsAndRotorblades]

Take out a loan to do the expansion, then refinance the entire business in a DSCR type loan where the loan is in the name of the business. This is a realestate move and I'm not sure it directly applies to your situation. However, a single loan would help you save in interest. I bet your combined interest payments are massive compared to what they would be if combined.

[@user-ge7qw1ec5f]

I would like to know your opinion if laundromats for apartment complexes are profitable?

[@The-Wash-Laundromat]

Man i understand your pain brother I am in shock and aww at the amount i would have to spend to get the new dexter equipment not sure how i want to proceed yet.

[@InvestmentJoy]

Ever consider rebuilt?

[@The-Wash-Laundromat]

@@InvestmentJoy yes I have looking into financing at this moment only been at this since May

[@carlbarboza954]

Keep it. And keep fixing it up like you have been

[@desertedenblooms]

I feel the same about loans as you do...I only have a mortgage payment , low, so that if anything happens I could pay my monthly on unemployment or now with my little retirement.

[@moneybusiness2]

Hi I'm 13 years old I was wondering how to buy a laundry mat can you give me some tips.

[@nickp1987]

Just curious, what's on the second floor of the building? Is that the office up there or something else?

[@InvestmentJoy]

Apartments

[@rlywtfdude]

Do you have drop off service? Or maybe even pickup service? You can install some additional machines in one of the back rooms to facilitate that, and hire someone to do laundry for lazy/busy people for some extra cash

[@InvestmentJoy]

We do, should have made the cut in the video talking about commercial drop-off.

[@tylercarpenter4100]

Hello everyone! I am shopping around for vending machines and the biggest obstacle i have had with my numbers is accounting for the insurance on the equipment. Does anyone have suggestions on what type of coverage i will need and insurance companies that have worked well for you and your vending business? No employees yet, only insurance on the equipment. Any information is good information, thanks!

[@dougf1249]

I would say the internet loves big risk and seeing if you’re going to make it or not. I would say expand locally first. It’s your iconic spot and your still earning a profit now. (Though part-of me says arrows to the moon). Good luck sir

[@TheJeracuda]

go with the new million dollar laundromat as anyway you look at it you're going to end up spending around a million on this laundromat with the extension that's needed, all the new equipment that comes with the expansion and the contractors if you need to do anything to the actual building

[@bubbanc01]

Thought about renting out the garage as a storage area?

[@Bartfam]

Keep it please

[@bazzza4613]

What about a business for renting out washing maschines and dryers pay per month ?

[@Rexfreelen4212]

Awesome video Brandon

[@InvestmentJoy]

Thanks!

[@Dreamscometrue-ey6vg]

I tried clicking on your links, its said they moved.

[@jasoncharles8342]

Gotta be the new one. That would be insane to watch you build and grow.

[@InvestmentJoy]

That's where I'm leaning, but I'd be gambling most of my KZbin success

[@jasoncharles8342]

@@InvestmentJoy I've watched you from very early and the building the business stage was the most compelling. The Laundromat, the trailer park, the rentals. I faded off when you got it all under control and it became, well, just business. Do the new! 😆 Fingers crossed for you either way old bean.

[@TechMelee]

How much does your water and electricity bill eat into your profits? Or better question, what is the average bills?

[@InvestmentJoy]

$300 on electric, $250ish on gas, $350 on water on average.

[@tashainjena]

I love watching your money counter... I'm weird. Haven't watched one of your videos in a long time... but I watch your machine and think abou how at the bank I used to work at, we would iron the money with a hair flat iron to make it flat and pretty to go in the ATM. It was kind of... cathartic. I still want to iron money sometimes. I also want to launder money. Like, legit, put the bills in the washing machine...

[@InvestmentJoy]

Nice!

[@ariesmariano4592]

Very very nice video

[@RAVIPrakash-oq5ed]

I would suggest play it safe for now. Installore machines, and use this place to its fullest potential. And then later on yiu can switch it to a better location. In meantime you can also advertise yourself and expand your business by increasing your reach to more customers. I mean just my opinion but i guess you know your business best.

[@nazarnordin2899]

How much and start a new one

[@Gingerbred_Hed]

Man, i wish you were my mentor/potential investor.

[@raptor2264]

Take option 1 keep the current location

[@hhhh9321]

Tell us more about the laundromat build out and what state it's in. Also wondering if you've made videos on investing in laundromats from out of state. Currently live in canada and would like to invest In car wash / laundromat in Michigan or Ohio

[@InvestmentJoy]

It'd just be about 30 minutes away from this one in a different county.

[@casper135]

Im subscribing

[@TL-wy1nk]

Add bigger front loaders.

[@larrykrause2373]

I've been watching your laundromat videos because I saw you had said something like "would you come and run my laundromat for a day". I had said I would if I lived up in Ohio, because I live in Florida. I want to open a laundromat here in my area, but I don't know what I need to do first and what I need to research. So, my question is I went to LegalZoom and it gave me three types of business information. 1. corporation, 2. DBA and 3. LLC. Which one is the right one for me to figure out how to start a business name and legal entity, I guess. I'm thinking it's an LLC due to it being the simplest way of structuring your business to protect personal assets. And last thing. I thought I saw a message from you about a business, but I'm not sure because I can't find it anymore. Any help to give would be greatly appreciated. Thank you.

[@tucobenedicto109]

I say keep the Laundromat and listen to your mentor even watch your own videos. Expand it. Get core samples on the soil for that building. It might be a money pit. EIS statements? To many variables. Also invite gate City draining and foundation to come by and check your basement. He's on you tube. From SC. More dryers. Less expense.

[@gersitz]

Glad your back posting! I missed u

[@InvestmentJoy]

Gearing up for 1-2 videos a week again.

[@ALgamer47]

I say keep the laundromat, if you havent sold yet, for about 3 more years at least and by then you should be sble to get a better offer for it

[@jayholifield]

Keep the laundromat that's the only reason why I subscribe to your channel that's the only reason I subscribe

[@derk486]

I’d ask for a little more but i dont see any issue either way, it’s a hard decision but if they offer more money i reckon any problems can be smoothed aha

[@joegino2423]

keep it enlarge it go build the new one !!! what would Danny DO ???

[@juanvazquez2562]

Just keep the 1 that you have. U can invest into your business instead and avoid the million dollar purchase & all of the associated headaches & risk.

[@Hartevar0]

I love the video Evan hart 1:16

[@lesliedavis6027]

What hard money lenders did you use?

[@InvestmentJoy]

Just wrote a purchase-money mortgage and sold to an investor I know.

[@DnDandVideoGames]

People would buy a laundromat for 6x revenue... that's literally how you calculate the value of the business lol. 5x revenue, plus assets, minus liabilities. If you don't have a lot of debt, 6x revenue can be pretty reasonable...

[@SpineBuster]

You spelled 3 years wrong. A business is worth three years of sales.

[@InvestmentJoy]

I've seen some sell at 6-12x revenue which is crazy.

[@Danica_Sue_Patrick]

I want to open a laundormat where my dad has a comercial space empty so i need to ask him for help to help me convert the space that is registered legaly as restaurant and turn it into a laudormat.

[@graysonpasini8076]

It's up to you

[@thedappercook]

Keep the laundromat. Let it appreciate much more and grow that particular location.

[@jackmauldinYT]

How do you get a vending machine?

[@InvestmentJoy]

Bought it off facebook

[@1inchpine]

I'm in the appliance refurb business and I follow your brother Ben from Ben's Appliances. Are you sure there's no way to convert a residential laundry machine into a coin op? I know it wouldn't look as clean as those beautiful stainless units you have, but people throw away soo many working units every day... I feel like with a bit of creativity there may be a solution here way under $150,000. Idk

[@YISSELLP]

I say keep it and make it more profitable by partnering up with a coin collector or an influencer who is knowledgeable with collectable coins or cash and see if you guys can come to an agreement so when he finds that Million dollar pennie you guys can both profit from it. That's what I would do lol. You could be holding on to a $5 bill that could be worth thousands

[@joegadget670]

Sell and use the profit to build a new one. It will bring in more views, which brings in the real money.

[@peace10000able]

Just keep it

[@Viper-63]

Keep it man and leverage if possible

[@user-ms9mq1xp8e]

If you have that much money left over after selling the laundermat then apply for a fah loan and used that money for multiple down payments

[@InvestmentJoy]

I'm ineligible due to not wanting to house hack

[@lukaspeciura6225]

keep it

[@patrickr2686]

Any advice on how to keep the homeless from stealing the roll around baskets?

[@4Realkevv]

I wouldnt tbh

[@jaiden9204]

I'm confused... in the middle of the video, you said $205k of revenue, but at the end you said $203k profit. Did I miss something?

[@loganmunting]

Hello, schockergd 😉

[@Kaorudark]

You could put a few Arcade in the hidden Rooms like in Arcade Paradise 🤣

[@InvestmentJoy]

Now there's an idea

[@martykantz3440]

Let’s say I can take over a laundromat for just taking over a long term lease, how much pocket money should one have to operate.

[@cloud-mf1eg]

these videos keep my interest throughout the whole video?

[@user-xi8ex5cl6c]

All Stores Please Lower the price of all Military and Local for all Brands of Coin Laundry Products and Accessories and Production Cost Now That's too much $$ The Whole World Now 🙏🙏🙏

[@peteranderson6068]

Not a good time to be borrowing! Maximize your space build wash and fold .

[@battledragongun]

id say keep it better safe then sorry later

[@carlbarboza954]

Keep it Add on if possible

[@joshknutson16]

keep the current one

[@tonyrichards2650]

I would say just just remodeled existing laundromat

[@MinhCollects]

Sad I bought your course expecting to start one from scratch but you don’t teach how to start a laundromat from scratch

[@InvestmentJoy]

Will be dropping 14hrs of new content on the course this month, will be going into that and hopefully bringing the Williford brothers in on it too.

[@nikp3572]

Sometimes you have to make the leap.

[@BLX187]

Only sell it if theres a bigger better one lined up. i oddly enjoy watching these

[@InvestmentJoy]

the first location I looked at was 2700, the second was 10,500 square feet for a new laundromat :D

[@traindrivercarl4908]

KEEP IT! its your baby!

[@PaulShively]

Max out your current location, so long as the community is there to support it... and either sell some property to build the other, or bring some partners in. Easier said than done, I know, but I think you've got to be thinking about making cool videos. Of course there's other ways to do that too. lol

[@InvestmentJoy]

Big gamble is : People love watching this one...would they watch a new one that's much nicer/better? I think there's some level of charm in a formerly extra-dumpy location.

[@samuelcaraballo5940]

Not sale this is a good location

[@thediamondavenger2657]

I’m not sure what he did, but he should’ve started with a new one take the risk a lot of times it’s worth the risk

[@Aussie_Arthur]

NO

[@Gortman1]

Why would you sell yours and get caught up in the government burecracy of creating new infrastructure ?

[@Bradlifer]

On top of more machines, maybe you should focus a little on the aesthetics.

[@bonehead6942]

only 300k for the laundromat??

[@jamieelliott5205]

Keep

[@jourdanarture3050]

Keep it!!!!