And the whole time we marveled at the idea that we were making money without even being there.
We now own two coin laundries, and business is going fantastic.
It had to be fairly passive (not a lot of work), allow us to keep our day jobs if we want, but still provide some nice cash flow each month.
There are only a few businesses that meet this criteria, and a self-service laundromat is one of them.
We took the average annual gross revenue for the prior 3 years, subtracted the most recent annual operating costs (expenses), subtracted the annual debt payments we’d be making and determined our annual profits/cash flow.
After reviewing the sellers rough numbers, we knew that the average annual sales for the prior three years were about $139,846, and his expenses were $90,276.
Or, just start digging around the site, there’s plenty more to see!
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We decided up front that we were comfortable investing ,000 into a business venture.
(We had saved some money in order to purchase the business, but don’t let that number scare you. )But we had agreed to only invest ,000 of our cash into a business venture.
In fact, for several of the laundries we were interested in, the seller was willing to carry the financing and take payments.)A general rule of investing is that the riskier the investment, the greater the profits (or losses). So we knew we’d have to get the rest through financing; either a business loan or perhaps even the seller would be willing to carry the financing? He arranged to meet us at the laundry the next day to go over more details.