Multifamily Laundry Facilities

[Mike Mefferd]

We are currently buying a 24 unit apartment building that has on site laundry facilities. The prior owners were using a company that paid for the machines, serviced them and then sent them a check at the end of each month. They charged 50% of the revenues in order to do this. 

This is my first experience with on site laundry facilities and I'm curious to hear if this seems like a fair agreement, or if I should look into buying and servicing my own equipment moving forward. Any advice on how others handle this would be greatly appreciated!

Thanks,

Mike Mefferd