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Old 12-28-2012, 11:43 PM   #1
DropTopKingM3
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Anyone ever start a laundry business?

Hey guys I was wondering if it would be worth it to add washing and drying machines to a multi family property. The building has 30 units and these are tenants that have very clean habits and do laundry at least 1-2 times per week. Would it be worth it financially? Electric, water, maintenance, and wear and tear in the basement area. I know I'm not going to make huge profit, but A few hundred extra a month wouldn't be so bad.

All advice is appreciated. Thanks in advance.
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Old 12-29-2012, 12:18 AM   #2
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Old 12-29-2012, 12:58 AM   #3
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Start a black market trading/gambling society that is secretly a front for laundering drug money in the basement. Trust me, you will make way more cash. And tax free
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Old 12-29-2012, 01:12 AM   #4
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A few hundred extra a month wouldn't be so bad.
lol
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Old 12-29-2012, 02:07 AM   #5
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gross
Whats gross about it

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Start a black market trading/gambling society that is secretly a front for laundering drug money in the basement. Trust me, you will make way more cash. And tax free


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Originally Posted by rsxstock View Post
lol
?
Whats funny about using extra basement space that I have no use for? All while pocketing a few dollars and providing laundry machines for my tenants so they won't have to drive, walk, or take cabs to a local laundromat.
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Old 12-29-2012, 08:58 AM   #6
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Put together a quick excel spreadsheet to analyze potential costs and profit. There should be a threshold that would highlight how many actual units you need based on their cost, the fixed costs, and what you would turn over in profit.

Try to figure out how often the washers and dryers will be used and how many you will need. A survey of the tenants would be helpful.
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Old 12-29-2012, 09:12 AM   #7
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I heard you can really clean up doing this...

Or you can go into the trash collecting business. Your business will always be picking up...

But seriously? Do as suggested above and spreadsheet your expenses and start up costs vs. your potential return. My initial impression is, with little but common sense to back it up, is I think your ROI will be in years rather than months, but what do I know...
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Old 12-29-2012, 09:29 AM   #8
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I also agree with above

A reg average price residential set is a $1000 I'd say u need minimum 3 sets and for that many loads of laundry is look at more commercial grade units at I have no freaking idea amount of $$

$3000 for residential units they need plumbing/venting/electrical tables to put clothes on and also some type of payment apperatus I'd guess those coin starter things are not cheep
30 families twice a week at $1wash/$1dry is $6240/year

Get some beefier units by time they are operational I feel you would b looking at 2+ years easily before you see any positive cash flow
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Old 12-29-2012, 10:19 AM   #9
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Old 12-29-2012, 11:57 AM   #10
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my complex has 160 units, 37 units without washer/dryer and our total laundry last month was $400. it does get to $800-$1000 some months but on average, it's about $500-$600. this is for 8 washers and 8 dryers
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Old 12-29-2012, 12:06 PM   #11
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What my father did is he added a coin despencer on the washer n dryer.. Not because my dad is greedy, but only to limit it them and to help pay for the elec and bills.. Originally it was free for his tenants, but they were taking advantage and running a cycle of laundry with only 2-3 articles of clothing.. The washer n dryer were going constantly.. So he put in a coin dispenser. It worked the money he gains over a period of a month helps pays for the utilities and it limited it down to 2-3 times per week rather than every day..
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Old 12-29-2012, 12:08 PM   #12
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Quote:
Originally Posted by bimmerfan08 View Post
Put together a quick excel spreadsheet to analyze potential costs and profit. There should be a threshold that would highlight how many actual units you need based on their cost, the fixed costs, and what you would turn over in profit.

Try to figure out how often the washers and dryers will be used and how many you will need. A survey of the tenants would be helpful.
27/30 units I know for a fact go to the laundromat at least 1-2 times per week. Usually I see an average of 2 bags per household each trip. Im calling the power company to discuss estimate power costs to run machines.

Quote:
Originally Posted by Maniac View Post
I also agree with above

A reg average price residential set is a $1000 I'd say u need minimum 3 sets and for that many loads of laundry is look at more commercial grade units at I have no freaking idea amount of $$

$3000 for residential units they need plumbing/venting/electrical tables to put clothes on and also some type of payment apperatus I'd guess those coin starter things are not cheep
30 families twice a week at $1wash/$1dry is $6240/year

Get some beefier units by time they are operational I feel you would b looking at 2+ years easily before you see any positive cash flow
I was thinking of looking into partnering up with a machine leasing company. They provide brand new machines and they service them. I just have to find one that does a good profit split.


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my complex has 160 units, 37 units without washer/dryer and our total laundry last month was $400. it does get to $800-$1000 some months but on average, it's about $500-$600. this is for 8 washers and 8 dryers
How much do you charge to wash and dry a load of laundry? A tenant of mine was telling me yesterday that they pay $2.50/per wash at a laundromat 6 blocks away.
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Old 12-29-2012, 12:31 PM   #13
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Is this the only idea you've got for monetizing the space? If the space is big enough - how about secured storage?
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Old 12-29-2012, 01:03 PM   #14
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I bought a used set for a 4-plex of mine. Cost me $600 and its bringing in $100/month. It cost the tenant $1.50 per load and they are more then happy to pay. Dont think too hard, go find a few used sets and charge slightly more then the local laundry mat. You will see the return on 30 tenants for sure.
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Old 12-29-2012, 01:10 PM   #15
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Old 12-29-2012, 10:23 PM   #16
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Old 12-29-2012, 10:28 PM   #17
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