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Ep 55 - The Business of Laundromats: Costs, Challenges, and Cash Flow Insights with Ben Antonucci
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In our latest episode, I sat down with Ben Antonucci, a seasoned entrepreneur juggling work and family life. Ben shared his inspiring journey of investing in laundromats, from the challenges of building one from the ground up to the lucrative potential it holds. We delved into the nitty-gritty of laundromat financing, machine choices, and additional revenue streams. Plus, we explored his transition from real estate to alternate investments, shedding light on the pros and cons.
Join us as we talk about invaluable insights and practical tips!
Key takeaways from the episode:
1. Strategic Location Matters: Ben emphasized the importance of choosing a high-traffic and visible location for a laundromat to maximize its potential success.
2. Valuable Lessons Learned: Ben's experience highlighted the importance of proper budgeting and understanding infrastructure requirements when setting up a laundromat. His challenges and lessons learned will be invaluable to anyone considering a similar investment.
3. Opportunities for Additional Revenue: In addition to discussing the main revenue streams from a laundromat, Ben shared insights into additional revenue opportunities, such as selling laundry detergent, renting wall space for advertisements, and using ATM and vending machines.
Episode Highlights:
00:00 Ben Antonucci shifted focus to laundromats.
10:20 New laws complicating evictions sparking tenant support.
13:52 Clear goal for real estate investment and laundromat.
15:59 Replacing waterline was expensive and complicated process.
20:15 Obtaining bank loan for new purchase pre-planning.
24:11 Laundromat easier to buy for beginners.
26:50 Frustrating issues with washing machine door locks.
30:04 Cash or card payment.
33:27 Upgrade to credit card machines for profit.
36:12 Self-storage market hot, simpler to manage. Referral opportunity.
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