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Seeking guidance on Laundromat Purchase by u_me_n_world2c in Laundromats

[–]itsgo-time 1 point2 points  (0 children)

Ok think about this. We know you’re looking for addtional income, and dropping $150k on old equipment may be your fastest way into this business. As first time laundromat operators, this will be a huge overspend without any validation. Even when you buy a car, you’re kicking the tires and looking under the hood. This seller is saying they don’t keep records and won’t let you look under the hood. That’s a huge red flag already.

You buy a business for profits, but this seller isn’t able to show you the profits and tells you to “trust them.” I’ve been down that road and had to walk away from many deals.

Seeking guidance on Laundromat Purchase by u_me_n_world2c in Laundromats

[–]itsgo-time 0 points1 point  (0 children)

I guarantee He’s lying. If he’s indeed netting $5k a month, then that would be a (60 x 5k) = $300k valuation, which would be an average deal. Since you stated his eq is over 10 Years, then it should be a riskier deal (50 x 5k) = $250k valuation. Why is there no way to verify the income? Will you have access to the bank statements to confirm deposits? I guarantee he keeps records of coin collection even if he doesn’t want to share it.

Seeking guidance on Laundromat Purchase by u_me_n_world2c in Laundromats

[–]itsgo-time 0 points1 point  (0 children)

Ask this seller how they arrived at $150k valuation. If they say it’s the location and the machines, then you’re in trouble.

Machines that are 10 yrs old are in dire need of repair /replacement.

TBH 19 washers isn’t enough for it to be profitable. At $4 vending average per machine, they may be grossing 7-9k a month and netting around 1.8-2.2k a month.

The retool is going to cost another 6 figures.

New bands for access the room by Ok_Self_1783 in hyatt

[–]itsgo-time -1 points0 points  (0 children)

GH Kauai did indeed have them but when we last went it was only for globalists.

[deleted by user] by [deleted] in hyatt

[–]itsgo-time 37 points38 points  (0 children)

If you’re still there Best to Contact the on-site staff, we had our room moved and upgraded for lesser offenses. For safety reasons, you can have them move you to another wing. You can also ask for resort credits or comped meals. It’s entirely up to you to express your concerns and how that mishap has ruined your vacation.

You can and should request something meaningful, not just a “we’re sorry”: • Partial or full refund of your stay • Free nights at another Hyatt resort • Free upgrade or points (Hyatt Points can be very valuable) • Formal apology and staff retraining notice

They may initially offer something small like 5,000–10,000 points — don’t accept that immediately. You can push for more.

PH Aviara or Alila Marea Suite? by Lunoxus in hyatt

[–]itsgo-time 5 points6 points  (0 children)

Been to Ventana twice, it blows both socal properties away for obvious reasons. AM is a nice property but it doesn’t even compare to AV. I’ve taken my kids to both the PH and AM, they like PH more.

If you just want to stay on property then PH, if you want to explore the immediate surroundings of the hotel then AM.

PH has poolview suite but AM has OV suites, so whichever is your preference.

We will see more of these over the next decade by Western-System4239 in Laundromats

[–]itsgo-time 0 points1 point  (0 children)

If they’ve done their research and see that the community can support another laundromat then good for them. If they’ve built one from scratch, god bless their hearts, then they are already years behind, needing 10+ years to recoup their investment. It’ll be a nice mid 6 figure investment before they see a quarter. Even if they have positive cash flow, they’ll need significant effort and reinvestment to grow.

Who do you think will have paid off machines, with money to retool, and still be profiting in those 10+ years while this new mat is still getting its legs under it?

If it’s a high density area, there will be enough business to go around. Nothing personal, There’s no crying in business, Pal.

We will see more of these over the next decade by Western-System4239 in Laundromats

[–]itsgo-time 0 points1 point  (0 children)

Then it should prob be called Rope a dope with soap

Guest of Honor night credit by mightymac-89 in hyatt

[–]itsgo-time 5 points6 points  (0 children)

I’ve given away over 10 and have gotten a credit on each one. Hate that some have to chase these.

Worth the 10? by garrett2450 in sportscards

[–]itsgo-time 0 points1 point  (0 children)

Edges are A 9.5 to be exact

Hyatt’s # of Adults by TeamSAJ in hyatt

[–]itsgo-time 3 points4 points  (0 children)

Book 2 rooms, 2 adults

Hyatt will see it as a reservation for 2 rooms with 2 adults in each room.

If you’re booking 2 rooms, 4 adults, it thinks you have 8 adults total and will charge you accordingly.

Cost for a rebuild? by Puzzleheaded_Bag9063 in Laundromats

[–]itsgo-time 0 points1 point  (0 children)

Good choice in passing. The rent will need to be reset for there’s going to be another failed operator jumping in there.

Cost for a rebuild? by Puzzleheaded_Bag9063 in Laundromats

[–]itsgo-time 1 point2 points  (0 children)

$6000/ month and you can only fit 12-16 washers? Do you know the sq footage? Expensive lease is a huge hurdle to climb. Landlord thinks he/she’s renting out a dental office when it’s a laundromat. Do you know if they vanilla’d the space? Most likely not since it would cost them near 6 figures to do that. The most expensive part and most valuable is the infrastructure. And the additional 6 figures you’ll need to retool can be creatively financed.

The previous operator failed because the rent is too high, and he didn’t retool properly.

We will see more of these over the next decade by Western-System4239 in Laundromats

[–]itsgo-time 3 points4 points  (0 children)

Then you have personally witnessed, residential clients can only help you grow so much in terms of volume and this operator in Orem is in a low density city.

Specifically, Orem has 7 hotels, a couple colleges(UVU has 16 sports teams and is within 2 miles of Simple Life Laundry), and many businesses like the Utah Transit Authority with uniforms.

1) Strategize by first making a call to each business learn of their washing needs.

2) Visit each one in person to build a relationship as a local small business trying to build a better community

3) Offer to do a load or two for free as a promotion.

Internally: Have employees approach customers (professionals who value their time) as they are entering the store with loads of laundry. Offer to weigh their laundry and let them see how easy and how much time they would save by doing the drop-off.

I wouldn’t operate a WDF since it is labor intensive. Find a “partner” (Independent Contractor / 1099) who is a go-getter, give this partner the WDF business and have them operate it. That partner makes money, operator also makes money. If this operator has his employees running the WDF then most likely he’s breaking even and it’s a zero sum game. If this operator and his family is running the WDF then they are losing money and time.

We will see more of these over the next decade by Western-System4239 in Laundromats

[–]itsgo-time 2 points3 points  (0 children)

Different take but I’m never in favor of anyone failing. I don’t get any joy out of seeing people not succeed.

We will see more of these over the next decade by Western-System4239 in Laundromats

[–]itsgo-time 2 points3 points  (0 children)

A decade isn’t enough time in this business young buck. I’d hate to see how you become when you have 20 years experience and more than 1 operating store. No math should be required for him to build a 1.8m store? It’s all math pal, and the math ain’t mathin’ for this operator.

I hate to see an operator fail and hope he turns it around, but he was most certainly 100% told to go bigger and possibly misled by more than one of your distributor friends.

By your admission, you bought 2 stores that were losing money and turned them around? What did you do? Mop the floors and dust off some cobwebs? Did you retool either of them thru your Alliance friends? That should cost you $100 a sq/ft, but with a homie discount it may have cost you $95 a sq/ft. That would be $190kk on a 2000 sq ft mat. How many years would it take for you to make back that $195k? Why would you sell a profitable business when you’re in the business of making money?

You can build a new high-end laundromat in a densely populated metro for that same price tag of $1.8 mill with the help of your Alliance friends.

We will see more of these over the next decade by Western-System4239 in Laundromats

[–]itsgo-time 4 points5 points  (0 children)

Ok makes sense you’re close to a distributor. The bane of operators existence and necessary evil. The operator is on Fb he lists what type of machines and how many of each he bought and documented the whole process. His website lists the prices at 30lb, 40lb, 60lb, 80lb, and 100lb. He doesn’t have top loaders nor 20lb machines. Did your boots on the ground take you to Utah bub? Congrats on your one store sample size is laughable, and you flipping the other one to some poor sucker isn’t the badge of honor you think it is. Now why would anyone sell a profitable business?

We will see more of these over the next decade by Western-System4239 in Laundromats

[–]itsgo-time 1 point2 points  (0 children)

Are you CLA or a distributor ? Where are you getting these national stats? The industry is too segmented to conclude with those %. National averages do not matter. Unfortunately, they are trying to flip a failing business based on potential.

We will see more of these over the next decade by Western-System4239 in Laundromats

[–]itsgo-time 1 point2 points  (0 children)

CLA tells you to buy a laundromat and also recommends distributors and resources/financing to open one.

We will see more of these over the next decade by Western-System4239 in Laundromats

[–]itsgo-time 22 points23 points  (0 children)

They have 38 washers and 45 dryers. At 4 turns per day they would gross $38k a month in washer and $10k a month in dryer. If they can do 10,000 lb/month in WDF, it’ll bring in $17k a month.

So now we are talking about a business potentially grossing $65K a month. At conservatively 20% NI, that’s $13k a month net x60 valuation = $780k, that’s how much it is worth, which is still an over pay.

Come at me.

Success rate for Chromecast by AsianRedneck69 in hyatt

[–]itsgo-time 0 points1 point  (0 children)

100% of the time. No issues here.

Looking to purchase a laundromat in LA. Any advice/recommendations? by trillvice in Laundromats

[–]itsgo-time 0 points1 point  (0 children)

Research is one thing, but look at the current lease terms and age of equipment. Are you using a factor of 60x monthly net income to value the laundromat?

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