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Originally Posted by Babagirls
laundry mats are forever making coin, so ya, thats a good investment. but just be prepared for all the up-front costs of updating shit (the appliances, cosmetic shit you mentioned, insurance, etc etc etc)
but in the long run, ya, they're great to have. dont forget to grab a pepsi machine too & put it in there (hike up the prices pretty good too, trust me, you'll make coinage lol) and something that sells chips.
i know someone back in pittsburgh that has an apartment building (thats a shitty one in the ghetto) and he makes MAD bank of this building & laundrymat (downstairs). i know him cuz hes my dads landlord (lol) but my dad is a truck driver and comes home for like a day each month, so he just rents out a shitty apartment till he retires. but ya, great investment!
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Thanks for the comments Babagirls, yes we also considered the repair/replacement cost of the machines and what needs to be done to the building. The property has been on the market for almost a year and we think we can actually pick it up for peanuts. The town is growing now due to new development and the town is also starting to give out grants for historical buildings (which this is) so that repairs can be done to improve the main street's appeal.
We'll definetely look into the option of adding in a drinks/snacks machine we just have to look at the space feesibility.
DH