Skip to content
×
PRO
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
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
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 9 years ago,

User Stats

83
Posts
18
Votes
JaMarcus Joseph
  • Wholesaler/ Buy and Hold Investor
  • Sherwood, AR
18
Votes |
83
Posts

Bankrupt 10 unit, laundry mat and car wash

JaMarcus Joseph
  • Wholesaler/ Buy and Hold Investor
  • Sherwood, AR
Posted

I have a 10 unit, laundry mat and car wash combo under contract. It's 100% occupied and the extras are functional. It was built in 2007. They have not produced any financials and the realtor is not sure they will.  Last year's tax records show the income for the property was 51k and the expenses were $74k. I know these records likely aren't accurate because the owner is in bankruptcy from mismanaging 4 sets of complexes and pocketing profits.  The apartment side of the building(all three are connected) is two story and doors are internal. The laundry mat has 4 washers and 4 dryers. The car wash has 3 manual stalls and 3 vacuum cleaners. This first picture is using the numbers from the taxes.

This pro forma isusing potential income given advertising expenses. It's the only car wash and laundromat between 2 smaller cities. I think it has the potential to be managed to become profitable. Do the numbers for the additional business seem reasonable? I'm hoping they're way low as far as average daily use is concerned. 

Loading replies...