What is the time commitment of owning a laundromat?

That said it is possible that you need to evaluate your stays and decide if it is worth taking shorter stays or sticking to some longer stays to reduce your time commitment and maximize the revenue for time invested.

Since you’re committed to staying close to family, I’d suggest focusing on properties that might need a little work but have potential for appreciation in your market.

Totally understandable that you may have time to commit to it, as it is extremely hands own.

The key is understanding your risk tolerance, time commitment, and financial goals to find the right balance.

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

A JV structure is good for a one-off deal because the only commitment you have is to the investor(s) and that individual project or deal.So in part, the answer to your question depends on what your objective is. 

At 23, your unfair advantage is time that is not constrained by collecting commitments of a family.

I’m also glad the FCC is cracking down on robocalls for lead generation; it forces people to commit to real prospecting instead of cutting corners.Over the years, I’ve run a solid brokerage team, training agents and now I help people get into wholesaling.

Have you gotten any term sheets or commitments about this yet?