Multi-Family and Apartment Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago, 04/10/2016
Where do I find washing machines for a laundry room of a 4 unit?
Hi. I am starting renovations of a 4-unit which I own in Yonkers, NY in May. I am thinking of using one room in the basement as a laundry room, with one washer and one drier.
I was told by Hercules (www.hercnet.com) I was too small for them to consider leasing machines. They sell machines for $1500 each which means an ROI in 7 years if every unit uses each machine once a week for 52 weeks at $3.
I considered installing the plumbing in every apartment and let tenants buy their own machines, but that means I'll never make the extra revenue and I take the risk of leaking and flooding impacting the apartment below.
Do you know of a cheaper option? What's your advice?
Yes yes I know I should buy 20 units next time ;)
Thanks a lot.
Alkis from Manhattan.