We’re Buying a Laundromat…Update #3

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[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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