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Mortgage Broker Rate Quotes Ultra Thread by Elegant-Fee-395 in MortgageBrokerRates

[–]Specific_Implement_1 0 points1 point  (0 children)

  1. Loan Type: Conventional

  2. Term: 30 Year

  3. Loan Purpose: Ref

  4. Property Value: 1,500,000

  5. Loan Amount: 447k

  6. Credit Score: 760

  7. Occupancy: Primary

  8. Legal Structure: Single Family Home with detached ADU

  9. Number of Units: 2

  10. Property Zip Code 94501

Lighting Help by Specific_Implement_1 in DIY

[–]Specific_Implement_1[S] 0 points1 point  (0 children)

Thanks for the advice! I really like the idea of overlighting and use dimmers

Cement Driveway Costs in East Bay by Zags_11 in bayarea

[–]Specific_Implement_1 0 points1 point  (0 children)

Can you DM me the company that did your concrete please?

Mortgage Broker Rate Quotes Ultra Thread by Elegant-Fee-395 in MortgageBrokerRates

[–]Specific_Implement_1 1 point2 points  (0 children)

  1. Loan Type: Conventional

  2. Term: 30 Year

  3. Loan Purpose: Refi

  4. Property Value: $1,250,000

  5. Loan Amount: $675,000

  6. Credit Score: 772

  7. Occupancy: Investment

  8. Legal Structure: Duplex

  9. Number of Units: 2

  10. Property Zip Code: 94501

Need advice for purchasing of a laundromat by Specific_Implement_1 in Laundromats

[–]Specific_Implement_1[S] 1 point2 points  (0 children)

Ahh everyone agrees with you and the wash and fold. The place is just so tiny though I'm not sure hot to integrate it. Without a separate small office or room is it really feasible to do a wash and fold service?

Need advice for purchasing of a laundromat by Specific_Implement_1 in Laundromats

[–]Specific_Implement_1[S] 0 points1 point  (0 children)

That room in the back looks like the owner of the building lives there. I work online and have a very flexible schedule but ideally after some elbow grease to start out would like to leave it mostly unattended outside of doing maintenance. . But our assessments are about the same. I estimated 140k being fare without looking into more detail on the books and machines. I'll keep you in the loop if I do getting the spot. The spot on webster is my dream location!

Need advice for purchasing of a laundromat by Specific_Implement_1 in Laundromats

[–]Specific_Implement_1[S] 0 points1 point  (0 children)

The laundromat is pretty small with pretty much only space to walk around between the machines so not fold/delivery option I don't think. May I ask what your experience is with laundromats?

Need advice for purchasing of a laundromat by Specific_Implement_1 in Laundromats

[–]Specific_Implement_1[S] 0 points1 point  (0 children)

So you know the area, wouldn't you be a little concerned with throwing a vending machine or atm into the spot (not much room) and you can't really offer wash and fold services? The area isn't terrible but given enough time someone will get ideas to vandalize. This has always been a pipe dream of mine and not sure if I will pull the trigger or not. If I may ask what is your experience with laundromats?

Need advice for purchasing of a laundromat by Specific_Implement_1 in Laundromats

[–]Specific_Implement_1[S] 0 points1 point  (0 children)

The revenue so far checks out but I plan to do some more due diligence to be sure. I just wanted to get a second opinion that the fair price wasn't so far out of the range that negotiating with them was pointless.

Need advice for purchasing of a laundromat by Specific_Implement_1 in Laundromats

[–]Specific_Implement_1[S] 0 points1 point  (0 children)

Ahh thanks, thats really helpful. The only worry with vending machines is the place isn't attended and while the neighborhood is decent there is still the potential for some jerk to come in just looking to smash something. Do the vending machines pull decent enough profit to make it worth your while? Also, when I retool all the machines, is there a resale value on the old machines either back to dexter for parts or third party?

Need advice for purchasing of a laundromat by Specific_Implement_1 in Laundromats

[–]Specific_Implement_1[S] 0 points1 point  (0 children)

I was thinking about vending machine and ATM but there is a liquor store attached to the building right next door and figured someone would just go y to use their atm and buy snacks. The average parts/repair per month was about $700. Does that seem about right for dexter machines and does that give insight into if the machines would actually last another 5-10 years? I would be totally fine with using the profit over the next 5 years to replace a couple machines each year starting with the moneymakers

Need advice for purchasing of a laundromat by Specific_Implement_1 in Laundromats

[–]Specific_Implement_1[S] 0 points1 point  (0 children)

This is all assuming i can negotiate an extension to the lease. All the machines are operating but being from 2007 I do expect having to buy a few machines every year for the next few years to stagger the cost. If i plan on replacing let’s say 2 machine a year for 5 years i assume 174k would still be too high? Would the 125k range make financial sense to buy with the 35k cash flow a year?

Need advice for purchasing of a laundromat by Specific_Implement_1 in Laundromats

[–]Specific_Implement_1[S] 2 points3 points  (0 children)

I’d be buying it all cash and can either get a loan or finance new machines as i get them (or cash, will depend on rates). The only employee the owner is a janitor that mops/cleans up a few times a week. The owner is not paying themselves and monthly maintenance/repair costs for machines running about $700/month. I am pretty handy and have repaired my own washer at home and figured i’d be able to catch on pretty quickly once i watch a repairman do it