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I have a problem ......

BigAl

Gone But Not Forgotten
SUPER Site Supporter
I know what I said after my last project ...... "This is my last big project " ......

but

This is one of those NO BRAINERS that come along in life maybe two or three times if ever .

I have a chance to pick up a very distress commercial property . Its in a "ok section" of town . The only reason I say "ok section" is that this property is bring down the value of the whole section which is otherwise a very nice area .
Here is the particulars :
All brick single story building with plenty of off street parking .
Has always been a Laundromat .
Has been owned for years by a husband/wife team .
Husband died a number of years ago.
Not much maintained , nothing been done since as he did all up keep .
85-90% of all machines are down .
Place is dirty .
Wife just wants it gone .
In a town and surrounding area of 8000 .
A lot of seasonal ag workers who rent .
No other Laundromat within 30 miles .
About 50K to get it up , remodeled and clean up .
Selling Cost is under 100k

My plan is to pick it up . Bring it back up to new standards , Build up the business and sell in one year when I can show a $$$$ track record . I can hire a senior Citizen to maintain it as it would be outside my area to maintain myself . I figure based on returns from my existing Laundromat that its a easy $100 k profit for one years work .
Moma is not on board for me doing this . This is the easiest money I seen in years to make . I gotta figure a way to convince her :unsure:.
 

Doc

Bottoms Up
Staff member
GOLD Site Supporter
I know you are a successful and shred businessman but this sounds to good to be true. Look for an unexpected catch. Are you sure someone would step up and buy it a year from now at the higher price you'd want?
Do you need the money? If it would impact your health it is not worth it. Happy wife happy life etc etc. Maybe let someone else jump on this one.
 

JEV

Mr. Congeniality
GOLD Site Supporter
Yeah, just buy the damn thing. You know you really want to go out of this world with your tool belt on anyway, so this is just a little insurance policy to keep the tools on. Don't worry about Mama. If she hasn't left your sorry ass by now, she's not going anywhere now just because of another little project.

No guts...No glory!

FWIW, I think you like laundromats because you're so 'wishy-washy.':yum::yum:
 

muleman

Gone But Not Forgotten
GOLD Site Supporter
Big Al's suds factories....sound like a chain in the making.:whistling:
 

BigAl

Gone But Not Forgotten
SUPER Site Supporter
Yeah, just buy the damn thing. You know you really want to go out of this world with your tool belt on anyway, so this is just a little insurance policy to keep the tools on. Don't worry about Mama. If she hasn't left your sorry ass by now, she's not going anywhere now just because of another little project.

No guts...No glory!

FWIW, I think you like laundromats because you're so 'wishy-washy.':yum::yum:



lol:yum::yum:
 

BigAl

Gone But Not Forgotten
SUPER Site Supporter
I know you are a successful and shrud businessman but this sounds to good to be true.

There it is .... That is exactly why I want it . All the information is true and the numbers work . I originally looked at this business 4 years ago when it was failing , The husband had just died . I looked again last year and it had gone down in upkeep even more . Last week I stopped by and it is in total disrepair but there were still folks in there waiting for a machine that worked and they could wash their cloths. Not enough folks to turn a profit because everything is broken .This is no half thought out Laundromat design . At one time it was 1st class operation . The problem is all the money was pulled out and nothing was put back in to keep it 1st class . Absolutely no competition in the whole area . No slow or seasonal periods of no business .
Here is why it has not sold .
It needs a owner who can do the machine repair in house . It needs a owner who can remodel the structure . And it needs a owner who can keep it clean , up & running and under good management .

And the existing owner wants a cash buy out, sold as is and out of her hair .
In its present condition , No bank or lender will lend on it . The building is sound but needs attention . No financial records to establish a track record .Not a lot of people going into business have a 100 K cash to buy a mess and then put another 50K into it before seeing a return .
Most folks see a Laundromat and think dirty place where I spent a few quarters to wash my stuff . I see it as a $10 roll of quarters that adds up very quickly every time a customer comes through the door .
 

bczoom

Super Moderator
Staff member
GOLD Site Supporter
I see it as a $10 roll of quarters that adds up very quickly every time a customer comes through the door .
Poobah,

It takes a little time, but do you sort through those quarters looking for 1964 and earlier quarters?

They're currently valued at $3.44 each due to their silver content.

The rolls from banks have been pretty much picked through but if people are using their old piggy banks to do their laundry, you may score big.
 

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
. . . I can hire a senior Citizen to maintain it as it would be outside my area to maintain myself . . .
Uh, are you not already a senior citizen? :hammer:

Hire yourself, you have plenty of time :whistling:
 

Galvatron

Spock and Galvatron < one and the same
I would look around the town and see what else the building could convert to at min expense to you,could be cheaper to re-invent it's purpose than upgrade it.
 

BigAl

Gone But Not Forgotten
SUPER Site Supporter
I would look around the town and see what else the building could convert to at min expense to you,could be cheaper to re-invent it's purpose than upgrade it.


With no other Laundromat in town it is a no brainer that it would do well once it was upgraded .I do not think anything would work as well as remodeling the Laundromat and keeping it open instead of trying to install a new business there . I figure the high school is right up the street so I could let the kids/ Cheer leaders/football players hold Car washes in the parking lot on the week ends to generate attention to the place and that it has been upgraded and reopened under new owners . I figure about 6 months for the word to get out .
Still walking very quiet around Mama on this one . The deal is not going anywhere soon and I think I have some time to ease her into the idea .:unsure::whistling:
 
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