Belleville, NJ · Member since 2013 · 85 posts · 23 votes
Hi everyone,
I'm a beginner landlord in Essex county, NJ
Is there a sense to install coin-operated (or their contemporary counterparts) washer and dryer for a 4-unit property? How do I quantify that?
To have coin machines I need to install a dedicated water heater and get gas & electric bills on my name..
Does it worth the hassle?
There's an alternative to provide individual hookups for each tenant (actually 2 of them already installed), but water usage will be on me. And as I install two more hookups water usage will inevitably go up so will my water bills..
Investor · Vancouver, WA · Member since 2013 · 3k+ posts · 4k+ votes
12y
We have an 8-plex with a coin-op laundry. We have two duplexes with washer/dryer hookups.
Most prospective tenants prefer to have a washer/dryer in the unit. Those who own a w/d set want hookups, those who do not own their own w/d want the w/d provided or are willing to buy a w/d.
Some prospective tenants are okay with sharing washers and dryers with others and willing to pay by the load, so coin-ops laundries work fine for them. Given the choice, most tenants say having the coin-op laundry on site is preferable to taking laundry to a laundromat.
If I were in your situation, I would install the washer dryer hookups in the other two units if there is space to do so. I would also separate the utilities, so each of the four units is paying for their own utilities. Look into sub-metering as a solution.
Belleville, NJ · Member since 2013 · 85 posts · 23 votes
11y
I looked on craigslist, there're two types of coin boxes available, one slot and multiple slot/tray. Do they have limitation of the number of coins per load?
The multi-coin design seems to be limited by the number of slots (as far as i understand), but how about the single slot design?
Rental Property Investor · Lewiston, NY · Member since 2014 · 192 posts · 97 votes
11y
I think as long as they pay for themselves it is a good thing to have is your units and I say this from a tennant retention point of view. You do not want your tennants dragging their laundry to the laundry mat in the dead of winter, becuase next spring they may be looking for a place with a washer and dryer.
Raleigh, NC · Member since 2015 · 28 posts · 6 votes
11y
As a renter I'll say this: having a w/d made things a lot easier. HOWEVER. When we moved, we found out our house didn't have hookups. What I did was look around for wash/fold/dry places instead. We gave our washer and dryer to a friend on loan for the year and instead I have my laundry done for me at 99 cents per pound. Laundry is done every two weeks, and I don't pay more than 30 bucks a month.
It also eliminated my laziness, where nothing would ever be folded/sorted/hung up. They do it for me.
That worked great for me. But that's not feasible for everyone, and I suspect most people want a washer/dryer in the house.
I looked on craigslist, there're two types of coin boxes available, one slot and multiple slot/tray. Do they have limitation of the number of coins per load?
The multi-coin design seems to be limited by the number of slots (as far as i understand), but how about the single slot design?
The one I've used are not limited. If there are eight slots and you want to charge $2.50/load, the slider is loaded twice. The laundry mats in my area all have machines that take cards now. I wonder what that set up costs and if it's low maintenance?