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Updated almost 5 years ago,
Purchase a car wash? Advice needed
I am looking at purchasing a car wash. I am overwhelmed a bit with the thought considering it would be a new investment for me (currently one SFH rental and 1 mulit family 6 unit apartment). However, I am very interested in the car wash and am trying to obtain any info/advice/consideration regarding the potential investment.
Has anyone purchased a car wash?
Is it typical to assume about 50% of gross income in expenses? This currently has two employees.
What is a "good" cap rate for a car wash?
Is this still considered passive for tax purposes as long as I don't manage the day to day operations of the wash?
What do others think of the future of car washing? While it varies seasonably, I also assume it varies during economic cycles.
Any thoughts welcome.
Sara