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Author Topic: lets talk coin op  (Read 5034 times)

Offline Wedgeman55

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  • Man vs Appliance - Never give up, Never surrender
Re: lets talk coin op
« Reply #10 on: December 05, 2013, 02:43:00 AM »

You may be right,  Anderson,  about changing faceplates.   You can actually buy new ones from most manufacturers.     Company I was with used to rebuild some commercial washers,  and we always ordered new plates.     We actually after awhile had a company make us faceplate stickers with our name on it also.    Machines looked like new.   However,  you still in te end have old machines.   Old technology.    and alot of maintenence to keep up.     You never did one,   but bearing jobs on old machines are neither fun nor cheap to do,   even if you do work yourselves.    Thats what you can expect with old machines.   

I have seen alot of these laundromats over the years - too many to count.    If you do get an old one,  person who owns might be ready to get out and you get cheap.     Infrastructure is there,   you might have to overhaul / or buy new equipment.     You get the lease,    probably wouldn't be too tough to get a manufacture backed loan.     However,   now you have an equipment payment,   rent,  water,  electric, Gas,  and insurance payments every month.     If the location is not as advertised,  you might be in trouble.    Don't forget - most people wont give up a goldmine so if they are selling,   you have to question why.   

One owner,   who now owns a laundromat,    sat in a parking lot for 3 weeks and monitored any stores he was considering buying.     He did this for several laundromats over the years.     He counted people in,  saw how many clothes they were bringing in,    and logged it.      Several of the stores did not match what the owner was telling him.      The one he bought,   they also exaggerated the amount of business they had weekly.    He got a good deal,   did alot of promotion and advertising,   and now is doing pretty good.    He repairs most stuff himself.    If you are looking to buy an existing store,  this is a must or you might (read probably will)  get screwed.    I know of one owner who was "juicing"  the machines with quarters trying to show a potential buyer how much machines were making.     Ended up getting sued.   

Not trying to discourage you,   but just laying out facts.    I have had many opportunity's to buy laundromats,    but never did or will.     I guess I have seen too many bad things and not enough good things about owning them.     But, that being said,  with the right location,  price and good customer base,   you definatly can make money.     But all the ducks would have to be lined up,  so to speak.   

Commercial Laundry repair Tech and Installer  1973 to 1980
Service Manager / Technician Commercial Laundry repair company 1980 to 2002
Refrigeration - HVAC - Boiler School 1974-1976
Electronic School 1978-1979
Self Employed Appliance Repair Company 2002 to present

Offline andersenappliance

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  • Member Since: Feb 2012
  • Posts: 1032
  • Country: us
Re: lets talk coin op
« Reply #11 on: December 05, 2013, 11:32:48 AM »
That is excellent advice.

The book I mentioned talks about how much money you can make, but he also goes into the details of doing your own market research.  Basically, camping out outside of laundries and doing in-person interviews of your potential customers.  Nowadays, you could get that info by parking your car with a camera & recording the ins & outs.  A bit of investment in technology, but a good way of saving time and getting results.

Estimating pounds of laundry shouldn't be too hard.  And you should be able to see the utility bills and get an idea of how much business goes on from that. 

People never let go fo gold mines, but they do experience cave-ins on occasion, from which they won't dig out.  I think that a certain amount of investment is mandatory, including new machines.  The reason I mentioned make your own face plates is because they'd be way cheaper than getting them from the manufacturer.

I'll probably do it one day, but you can be sure that I will have my ducks in a row before I pull the trigger.

I think if you can do most of the work yourself, you can make money.  But in my area, you'd need coin boxes.  The customer base does not use cards. 

As far as a drop advantage, you could slant the floor in front of the machines so any quarters roll underneath.  Cha-ching!!!   :D


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