4Plex Coin Laundry? Buy vs. lease and how to collect funds?

[Farakh Zaman]

Hi,

We're in the process of acquiring a 4plex in Colorado Springs.  Current owner had a leased machine in the building from a company called Jetz.  Reading reviews on line, they didn't seem that great but haven't had anyone tell me about them from first hand experience. 

Two questions:

1) Should I purchase a commercial washer/dryer?

2) Should I lease instead?

Also, we don't live near the place we are buying (out of state) so was wondering how coin collection works?  I've never had one in our units before.

Finally, does anyone have any experience w/ the credit card machines?

Thanks!

Farakh

[William Shimerman]

Farakh, 

In general, I would say if it is a 4plex you can get away with purchasing 1 washer/dryer for the property. No sense giving away a large percentage of your laundry income to the laundry leasing company. Coin collection if you owned it would be up to someone you trust who lived nearby to empty out the machines. 

The credit card machines work well, however, I am only familiar with the companies that operate in Los Angeles. An added bonus is that you wouldn't have to deal with coin collection.

Best