We did something we’ve always wanted to do… we bought our first real estate investment (a laundromat) with $0 down!!!
Throughout our van life and backpacking travels, we have spent countless hours in laundromats, washing our clothes and bummin’ the WiFi. We can appreciate a clean, comfortable space to do laundry and get some computer work done while on the road.
We began to watch Codie Sanchez’s YouTube videos and quickly learned that a laundromat, or as she calls it, a “boring business,” is a great real estate investment due to its relatively low overhead and maintenance.
Why else would one want to purchase a laundromat though?
- Provide a core need in a recession-resistant business. Laundromats are a recession-resistant business. No matter the economic climate, people will always need clean clothes. The steady demand for laundry services ensures a reliable stream of income, making laundromats a resilient investment even during tough times. It’s a proven steady, stable industry for 70+ years
- Passive income potential. One of the key advantages of owning a laundromat is the potential for passive income. With modern, automated machines and a well-maintained facility, the day-to-day operations can be relatively hands-off. Hiring a competent manager or using technology to monitor the business remotely allows you to collect profits without being tied down by daily tasks. Conducive to multiple-store operation
- Community engagement. Laundromats are often community hubs, providing a social space for locals to complete necessary chores. This community engagement can foster customer loyalty and repeat business, enhancing the long-term success of the venture. A well-managed laundromat becomes not just a business but a valuable asset to the neighborhood.
- Tax benefit. Like other real estate investments, owning a laundromat comes with its share of tax benefits. Depreciation on equipment, building improvements, and other eligible expenses can help offset taxable income, providing additional financial incentives for investors.
So with those benefits in mind, we invested in one of Codie Sanchez’s online courses which teaches you pretty much everything you need to know about a laundromat acquisition! We found a deal about an hour away from where we live in Bingham, Maine. We also had the amazing opportunity to go in on the deal with an investor so we didn’t have to put any money down in exchange for sweat equity. Once the investor has their down payment made back, we are 50/50 on the business.
It’s been a few weeks now since we’ve owned it and we are loving it so far! We’ve been meeting many of the local community members and learning what is needed within the community. The Bingham area is bustling all year round with outdoor activities such as ATV riding, snowmobiling, white water rafting, hunting, and more. When we first bought it, we had to order a new front door as the previous one was broken, we got a new roof, replaced the sewer line, installed new lighting, added security cameras, and a few other touch-ups to get it going. There is a whole side room of the laundromat that was never used, so that will be remodeled and turned into an Airbnb. The laundromat sits on a little less than an acre, so we will also be adding RV spots for campervans to park overnight! We think back to the days when we did van life and how hard it was sometimes to find a safe, comfortable place to camp with the amenities we needed. That is our intention and hope – to provide a clean and fun environment for people to come to do their laundry.
If you find yourself in the Central Maine region, you can find the Bingham Laundry Lounge located at 419 Main Street, Bingham, Maine 04920