Coin Op Laundry

[David Moore]

I need to ask my fellow Minnesota investors how they approach adding a coin-op or just commercial washer and dryer to their apartment.  I am closing on a quad in two weeks that has a washer/dryer hookup, but the former owner took them out.  I know the tenants really want them, and with a rate increase coming soon (this place is  way below market rents), I want to give them something they really want.  

I saw bad reviews on Yelp about BDS Laundry Systems.  Do you have laundry, and how did you obtain the washer/dryer, and is it profitable, or a money drain?

[John Colburn]

Commercial washer and dryer is the way to go.  I bring in an additional $1,500 per year in cash on a 6 unit apartment.   That said I do not feel good about charging $4 for a wash and dry.   To help out I provide free laundry detergent (tide pods) and fabric softener which cost me 40 cents per wash.  The tenants are very appreciative of this.

I would search craigslist for used washers and dryers.  A few years back a found a coin op dryer at home depot for $450.00

One other benefit of a coin op laundry is it makes you visit the building on a regular basis and you get paid for doing it.