Outsourcing a Laundry

[Jithesh Prabhakar]

We have our first investment property under contract. Its a 5 unit multifamily property in PG County, Maryland. We are financing 75% through a local bank.

Currently there is one washer and one dryer in the building with a month to month lease. Previous years revenue is not that appealing, thus I have negotiated the below for the new contract.

1) New Energy efficient machine will be installed.

2) Coin Match will collect the cost of 1 cycle per machine per day and the remaining will be paid to the owner. Previously it was 50% split.

3) There will be a 7 year lease.

4) Once the contract is signed, there will be a 90 day turnaround to install the new machines.

Please let me know if there is anything I have not covered.

If you are local to me, inbox me and lets connect..!