All Forum Posts by: Brendan Reilly

I’m in, sounds like a good plan. 

I’m right down the road in the Lincoln university area. Have a rental technically in west grove though

very good points, I did make sure to compare apples to apples on size/price. I’m quite handy and could probably make a permanent fix to any aged machine if parts were readily available, that’s the only reason I considered extending their life. I was curious on price as there may be something I’m unaware of that makes it wise to price much lower than a laundromat. In my mind the exclusive nature and convenience of in building machines would allow me to set a competitive price, but am unsure if I am missing something.

Good point, the new stuff is apparently more efficient all around. What made you decide on $1.75? I visited the laundromats in the 3 nearest areas and for a typical wash it’s $3.25-$4.25, I was thinking setting it to $3.00 to maximize profit but show I’m not gauging either. 

My other issue is that the rents are already below market, planned on a 2 year $50 a year increase to get closer to market. These are long term tenant(10-20ish years for 4 out of the 5) I’m kind of worried about spooking them by jacking the monthly too aggressively, justified or not.

I have an old set of whirlpool coin op laundry machines at my recently purchased multi family.  based on the model number they are from around 1991 and the washer has had its second issue with the coin slide that renders the whole machine useless(the actual coin slot itself broke from the slide and I had to rig it to work last time since I can’t seem to find parts).

So now I have a dilemma with more variables than just an inop washer.

The washer/dryer prices are currently 1.25 and 1.50 since I purchased the place (can’t find additional coin slots ) and even if I found them the slots max out at 2.00 a machine (which appears low based on local laundromat prices). 

Do I

1. Keep working to find a fix(maybe another coin slide variety will fit?) to salvage these old machines from 1991?

2. Cut my loss on the washer, get a new one and use the working washer coin slots to bump up the dryer price until it breaks and warrants replacement? 

3. Cut them both loose and replace with newer machines?

Thanks Andrew! I was thinking my mind was in the right place on this but it’s always. I’ve to get confirmation on it. 

By chance have you got any experience on using mini splits in units since your in my climate?

Thanks Andrew, that’s what I was thinking but you since I’m still spreading my investor wings it helps to get confirmation that my mind is in the right place.

Good point on the zoning, I had just assumed since it was already five units, one more wouldn’t be hard to get through. 

I weighed out a cost benefit on the mini splits since it would push the heating bill onto the tenants and add an A/C value to them instead of an overhaul of a aging copper system. 3k a year in oil alone at an 8 cap seemed to be potentially break even with some value added to the tenants, but the freedom to add the  possible 850 a month at that cap started looking very Interesting. 

Obviously like you said the drawings etc may be the step too far without a price tag.

I have a utility room that mirrors another unit in size, but it has heating oil, boiler and circuit breakers in it currently(all old, barrel plug circuit breakers and nearly 50 year old radiant boiler heat system for other 5 units)

I was thinking of switching to mini splits for the units and moving the meters/boxes to update the failing/antique stuff and add another monthly rent check. Am I crazy or does that make sense for a commercial property? Haven’t gotten any responses on my mini split questions so I might be dreaming, please help.