Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago on . Most recent reply

User Stats

284
Posts
137
Votes
Pat Jackson
  • Rental Property Investor
  • Reno, NV
137
Votes |
284
Posts

Adding coin (or some pay to use) laundry at small multis

Pat Jackson
  • Rental Property Investor
  • Reno, NV
Posted

I know this question has been asked before. I'm convinced it's worth it.  Here are my questions.

When adding coin laundry to small multis (I'm really talking 4-plexes), how is:

  1. Rentability impacted? I know I wouldn't want to live some place where I had to drive to do laundry.  Honestly I don't want to live anywhere that doesn't have laundry in the unit, but I've never lived in a multi unit.
  2. Does anyone believe this justifies raising rents?  I'm not trying to squeeze blood out of a turnip, I'm thinking $10-$15 a month a unit.
  3. I have heard of companies that install their units and maintain them.  The utilities are up to the owner, and once a month they receive a check for part of the funds.  Does anyone have such a company they recommend, especially in the Kansas City area?  I've heard they exist but can't seem to find them online.  Perhaps I'm not doing the proper word search.
  • Pat Jackson
  • Most Popular Reply

    User Stats

    2,667
    Posts
    1,760
    Votes
    Deanna McCormick
    • Minneapolis, MN
    1,760
    Votes |
    2,667
    Posts
    Deanna McCormick
    • Minneapolis, MN
    Replied

    If its a shared space for laundry and you have a utility hook ups that permit that you can install and run the machines on landlords dime for water and power PERFECT.. for 4 units it would be a big plus to have the option to do it on premises,, 2 washers and 2 dryers would probably be best.. that way if one dies you'll already have a back up and it's faster to do 2 loads at a time.. of course.

    As far as charging tenants more money for rent.. you should be within market rent period.. so check out what others are charging in your area.

    Laundry isn't free so what ever the locals are getting at a laundromat you should be within a 50 cents of the same for price.. make sure you empty the machines regularly and a good used set you could probably find on craigslist.

    The machines will pay for themselves in no time along with utilities.  Make sure proper ventilation is done for the dryers,, and inspect the vents often,, lint builds up faster than you would think in multiple users and the dryers will run better with regular cleaning of the vents..

    Loading replies...