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We’re Buying a Laundromat…Update #3

[This is the fifth in a series of early blog posts documenting the purchase process of our first laundry back in 2014. Enjoy.] 

Ok…this isn’t a full-fledged post, but an update none-the-less, so here we go…

This afternoon, while driving back from a trip to San Francisco, we got a phone call from the broker…

WE HAVE A DEAL!

In the end, the seller wasn’t willing to pay his half ($5,000) of the lease assignment fee, but the broker was willing to lower his commission on the sale in order to get the numbers to work.  (Note: I’m glad the deal came together, but disappointed that the broker had to take a lower commission in order for it to work. He’s put in a lot of legwork and I feel he deserves his full commission. But it is what it is.)

We’re now in escrow, and should close in 3-4 weeks.  At that point, we get the keys and begin the next chapter of life as laundromat owners.  A semi-passive income stream such as this coin laundry is something we’ve been planning and thinking about for a very long time, and we’re excited that it’s coming together.

And trust me when I tell you that I can hardly wait until we close so I can post pictures, as well as go into all of the financial details, including our estimated return on investment, etc.

We’ve also got a laundry list (sorry, I couldn’t pass that one up) of improvements we want to make, all while sticking to a budget.  There will be plenty of before/after photos to post as well.

Sorry for the short post, but I couldn’t wait to give everyone the latest news!

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3 thoughts on “We’re Buying a Laundromat…Update #3

  1. So excited for you and looking forward to the improvements you have planned and seeing it all come together!

  2. Congratulations you guys! Now you can get “into the suds” (hic!) and celebrate – touche to your pun! 🙂

  3. How ‘nice’ for the seller to not pay his share. Oh, well, happy it went through and really looking forward to all the details 😉

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