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  1. #1
    Registered User NorrinRadd12's Avatar
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    Any laundromat owner bros? Also solar panel question

    Cliffs
    - My family owns a strip mall.
    - One of the renters is a laundromat.
    - I'm looking to make some passive income and want to run it.
    - No water bill, there's a well.
    - Would putting solar panels on the roof offset electric bill?

    So how hard are these things to run? Couple years ago I was without a washer/dryer and one day I saw the owner of the laundromat I was using just come in and collect quarters. I asked him how hard it was run and he said it was easy. Young guy in his twenties.
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    Registered User Barcode120x's Avatar
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    I don't know anything about business or laundromats, but I do recall randomly watching a guy make YT videos off his laundromat business (thank you YT algorithm). Not sure if it'll be of any help but it seems it's literally easy business. Name is Investment Joy on YT
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  3. #3
    Registered User jn677's Avatar
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    I don't know how passive they really are. I've never seen a laundromat that didn't also offer services and had staff there fulltime. Probably can't earn enough just off the machines.
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    Anti-Circumcision JoshSP1985's Avatar
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    Curious how big is the electric bill? and give an idea of the size (how many machines).
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    Registered User homersexual's Avatar
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    Expensive machines to replace. High overhead. High vandalism rate. No thanks Geoffrey.
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    Originally Posted by homersexual View Post
    Expensive machines to replace. High overhead. High vandalism rate. No thanks Geoffrey.
    This ^, rent, power and water utilities cover the major costs.

    It can be profitable, but margins can be tight. If you have a landlord that absorbs the power and the water bill, it can do fine. Just be careful if it is drawing from the well. Laundromats can use a lot of water. What will the landlord do if the well runs dry? Solar will cut the electric costs, but only so much. Dryers eat 3x the power that the washers do and solar probably can't keep up with just a couple panels on the roof.
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    Buy a dry cleaning business that outsourced the actual work. That’s real easy money. One employee in the building at a time getting paid minimum wage to take people’s clothes.

    I’ve always got my eye out for people selling theirs. Easy 20k profit a year side hustle. Usually for sale for 100k or so. Pay off the loan and you either bump that profit up to 40 or sell it for a little more than you bought it for. You won’t get rich but it can cover a new car or baller vacation every year.
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    Originally Posted by jn677 View Post
    I don't know how passive they really are. I've never seen a laundromat that didn't also offer services and had staff there fulltime. Probably can't earn enough just off the machines.
    depends on location. i've been to a few where they are 100% laundromat and they were always busy. some of the other ones i've seen also provided dry cleaning services. having solar would help offset some of the electric bills but that's a huge upfront investment that would pay off in maybe 20-30 years
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