Attempting to diversify my cashflow with a laundromat

[Philip Devine]

The laundromat is very beat up but also very popular. I've never owned before so it is a learning curve, but the cash on cash return is so far phenomenal considering I just stop by every morning to check on the attendant, the store, and meet with customers.

My plans are to give the whole place a facelift, set up a wash dry fold service, and provide some newer machines, all purchased with the revenue from the laundromat.

Currently it grosses about 250k per year with a net of 80k. I'm confident I can double that with the wash dry fold, but time will tell

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I'll be posting updates here 

[Philip Devine]

Yes, the owner was starting to let it go downhill and was going to start losing money. He didn't have time to bring it back and sold it cheap.

I go over all of the details here on how I purchased it.