Mistakes of First Time Laundromat Buyers

1.?????? Being too timid to ask for details. Ask questions. Expect your sales broker and the seller to provide an overview of the details of buying so you can either move ahead with a purchase or take steps to become ready, but prepare a list of items to which you want answers.

2.?????? Not checking out your agent. Finding an agent who can guide you to make an intelligent decision and achieve a fair and reasonable purchase price. It’s wise to use an agent or consultant who has knowledge of the laundromat business and the market. A good agent can also help you obtain loans, work with the lender, the landlord on your lease and has the connections to save you money on the sales price, closing costs, repairs and equipment purchases.

3.?????? Giving up because it takes too long. The hardest thing you will ever do in this business is finding a laundromat worthy of purchase. It’s likely that you’re going to look at a number of laundromats and, if you’re in a competitive market or the laundromat is desirable to others, you may not get the first one you make an offer on. ?If you miss out on one laundromat, take the time to reset, and continue to work with your agent or consultant.

4.?????? Failing to negotiate. Every purchase involves negotiating, even over things that might seem to be a given. You should always consider negotiating to your own benefit in any purchase of a laundromat.

5.?????? Waiving Laundromat inspections. Some buyers are so eager they’re willing to waive an inspection that could reveal serious problems, including mold, leaking roofs, equipment condition, water heating systems, and more. Some folks find out after buying that they’ve bought a loser, time-consuming laundromat, that just doesn’t make money.

6.?????? Failing to protect your credit score. Your credit score is an important measure of creditworthiness that lenders and landlords consider when deciding whether to give you a lease or a ?loan and the interest rate they’ll charge you. Be mindful of how your credit store reflects on you.

7.?????? Not considering the monthly payment. Some newbies don’t do the math on what their loan payment will cost. Get an idea of what it will cost you in monthly payments to finance your laundromat purchase after you’ve made a down payment you can afford. Good luck and good hunting!