All Forum Posts by: Sam R.

@Tony Sehy It was $5500 for one set. I think I put the details in previous comment. You could get cheaper machines, but I like Speed Queen. It is not really profitable, it is more for tenants to have a place to do laundry and me not having to count quarters or worry about theft of quarters. Everything has pretty much been hands off (no maintenance) since I bought it.

@Jackie Hung I suppose it depends on your area. $60/month is high even for cable internet. Look for DSL, it is cheaper than cable internet. You could even get cell phone internet for close to $20/month.  Credit card readers don't need fast internet or a lot of data. They are probably only using 10 MB a month.

I own my Speed Queen machines. They have classic credit card readers and are completely coinless. The money goes directly to my checking account and saves tons of time. The downside is the cost of internet at $20/month per location. I wasn't having issues with a fraudulent skimming, but the PM was taking months to get around to counting the coins. I was also having problems with people drilling out the coin drawers and taking all the coins. Going completely coinless and buying new Speed Queens has saved me much time and hassle.

@Mal Vin Spyderwash does the job. It is only payment processing. The machines I bought are speed queen. Maintenance hasn't come up yet. Look through my other posts for a break down of the costs.

I am providing laundry facilities to the tenants. Otherwise they would have to leave the building and possibly bring their laundry elsewhere through the rain. The tenant quality is for sure better than my buildings that don't have laundry on site.

 I am using spyderwash. Tenants just were doing laundry with my machines for a few weeks. It was around the holidays, so maybe they were gone a lot, or doing laundry somewhere else. I don't know, but all seems to be good now.

What I am finding is that single tenants just don't do laundry as often as one would expect. Families with kids do a ton of laundry. 

@Peter Mosites, I bought Speed Queen washer/dryers with a card system called Spyderwash. Tenants can use credit cards or their phone to pay. A complete setup for each location including washer, dryer, card readers, bluetooth hub, and installation was $5500. Monthly per location I pay $20 for internet and $10 for the card service. My locations are a 10-unit building and a 7-unit building. I do make profit. Unless your triplex has bigger units with families, it would not be worth it for a financial investment. Maybe just consider it just for a tenant amenity and relieving you the hassle of quarters.

@Jason D. I feel less safe when I am in a "gun free" zone such as a school or movie theater. Its not because I don't have a gun, it is because the place has been advertised as an easy target.

What kind of guns do you have? Now that you have told your tenants they are not allowed to defend themselves, what are you doing to make sure they are safe?

I am considering a HELOC on a rental property, but I was just told, "If the use of funds is to purchase another property, the loan will be declined for business use, if the purpose of funds is for reserves to fix up rental properties as needed, then we can do the loan."

Once I have a HELOC, how can they enforce what it is used for? I have had many HELOCs in the past and never heard this.

@Account Closed I did take a good look at your system, I only said it was too late for me. Then you had to post that. Those numbers are so incredibly inaccurate/dishonest. No fool pays $70/month for wifi. Now I wonder what else about your system is dishonest.