All Forum Posts by: Alex Jacobson

I'd consider a property built in 1916 will likely need a decent amount of cash unless it's been updated already which looking at the listing it looks like it hasn't. 

I'd order every inspection possible for this property and get a contractor with you to walk this and see what it will take to bring everything up on it. Properties like these can be more expensive on the rehab or repairs than in the purchase price

@Alex Jacobson  I agree with @Colleen F. in that you would be best off with commercial machines since they will hold up to the use in an apartment complex. Having these available will increase the attractiveness of your property as well. No tenant likes to go out in snow and ice to go to a laundromat. I am also in Colorado. I have done many site reviews and cost segregation studies on multi-family properties. The tenants I have had the opportunity to talk to, love this feature. They can help you with your taxes as well.  

I would also consider a commercial machine, specifically Speed Queen. I bought new consumer grade appliances for my primary home when I moved in and within five years I had to replace my washer and fridge and it's just my wife and I in the home. I went ahead and did my research and spent the extra money to get a Speed Queen unit for my home. They are made in the USA and should last us 20 years. I have a feeling that if you put a coin-op on a consumer grade washer/dryer you will be replacing them every few years and will likely spend the same or more versus buying commercial units. 

Aloha,

I am not familiar with the add-on coin option, but I would be very concerned about security for that, if you use quarters. If there is a refillable card option, might be ok. Commercial coin-op are typically pretty long lasting, and as prior poster mentioned, there are companies that will provide and maintain them, keeping 50% of the income. These same companies ALSO, for a long term (10 year) contract, provide you with a nice cash payment up front to set up or redecorate the laundry space. If you BUY commercial machines, I would recommend a card or chip payment system, not cash you need to empty regularly.

@Alex Jacobson  I agree with @Colleen F. in that you would be best off with commercial machines since they will hold up to the use in an apartment complex. Having these available will increase the attractiveness of your property as well. No tenant likes to go out in snow and ice to go to a laundromat. I am also in Colorado. I have done many site reviews and cost segregation studies on multi-family properties. The tenants I have had the opportunity to talk to, love this feature. They can help you with your taxes as well.  

@Alex Jacobson  I haven't used them but I have heard that commercial machines hold up better to apartment use.  I also looked into shinepay when I was thinking of adding laundry and it allowed payments by card.  That is a big advantage having lived with a quarter machine last year during a coin shortage. Just some thoughts.