All Forum Posts by: Andre Debs

My understanding is that we cannot discriminate against smokers. (I know, it's nuts.) HOWEVER, we certainly can designate the entire property inside and outside as a smoke-free environment. We put that in all leases, and if we find cigarette butts (or other types of smoking residue) lying around the premises, we have maintenance take photos, clean it up, and back-charge the cost to the tenant.

Of course, in the case of larger multi-family properties where it is more difficult to place blame, one can often find a 'watchful' (read nosey or allergic) neighbor that will happily bust the sneaky inhaler. Post 'no smoking' signs around your property, place video cameras in common areas (no, common bathrooms are NOT included) and nab those dirty puffers in the act.

Lastly, do what is now being done for dog feces: take a DNA swipe of each tenant and send it into the lab. Then you can send in a cigarette butt to the lab, have it analyzed and pop that perp with a huge fine!

Let us know how that works out.

No judge will sign off on a court order for DNA testing all tenants.

0 Votes

You’re biggest advantage is, in my opinion, your biggest worry...lack of age. You’re at an age where you can soak information and knowledge very easily. Furthermore, building wealth takes time; time to compound, time to build capital, etc. the sooner you begin, the higher your potential will become.

24 Votes

Get info on the equipment brand/age/maintenance performed. You'll also need the financials to pour through. When looking at the financials you'll need to determine if NOI is including any drop off or full service work. The best ways to verify financials is to look over tax returns, water usage data, etc. you'll want to know if the laundromat is QO, DC/token, card system or a combination of all of these. Each payment system has its own advantages and disadvantages. A laundromat's value is typically derived from a multiple of its NOI, usually 3-6x, depending on the length and terms of its lease, age and spread of equipment, location, and other factors. For a sale price of 130K, I would expect NOI to be somewhere around 25-35K. Many laundromat owners don't "pay themselves" so make sure to check to see if the financials include owner compensation. If you're looking for a truly passive investment, the laundromat business might not be the best fit. Don't get me wrong, some owners have it down to a science and need to invest very little if any time into it, but as a newbie to the business, you'll likely have to put significant hours into it.

2 Votes

Originally posted by @Carson Plant:

@Thomas S.

Can you explain what a m2m?

Month-to-month

1 Vote

I have been reading, learning, and lurking in the background for a while now and figured it’s about time to introduce myself and get active on the BP forums.

Currently I work in an unrelated W2 job but got interested in real estate recently after realizing the potential it can create. I am in the fixing credit and building capital stage of my journey and hope to be ready to do some deals by the end of the year.

I’ve enjoyed reading and learning from all the knowledgeable members here and will continue to do so going forward. Thanks to all.

1 Vote

I am a complete newbie to REI but I've been doing my research, ie, reading, podcasts, etc. I'm still in the acquiring capital stage but would be very interested in a Fairfield County meetup to begin networking and continue my education with like-minded individuals. Born and raised in northern Fairfield county but have lived in Westchester (still work in Fairfield county) for the last few years.

2 Votes

All Forum Posts by: Andre Debs

Andre Debs has started 1 posts and replied 36 times.

Post: Increase deposit for smokers?

Post: Young 20's investing - What are my advantages?

Post: Laundromat good investment?

Post: Buying 4 duplex should I move rent higher as soon as I close

Post: New to the BP community but eager to learn

Post: Any interest in a Fairfield County CT Meetup?