Another way to cut cost, since the guys upstairs are having a hard time paying their rent. Tell them you will give them a 100 dollar discount on rent if they clean the laundry mat. then you don't have to pay the cleaning guy 400 a month.
@@Billy_Darley I know this is a month old but the cleaning guy is NOT the renter, they are saying fire the cleaner and use the renters as the cleaners to lower the renters rent. You lower the renters rent by $100 per month but lower your costs by $400 per month, thereby saving a total of $300 per month. Potato is essentially saying that he wouldn't trust people who can't afford rent of $400 a month to clean a laundromat.
That's how your supposed to do it, one of my properties my monthly is $1300, I charge those tennants $2750....do the math, if u can swing it, go for it!!!!
@@trentdawg2832 Be a good landlord my man, invest some of that rent money into repairs. I know it sounds weird to hear, but I'm stuck with a shitty slumlord.
Few thoughts: 1. Clean the lint from the dryer ducting for lint fire prevention and improved air flow. 2. Run the numbers if it is worth converting to LED lighting since the lights are on long hours in a laundromat. Current lights might be older T12 or T8's. I had two small 20 x 20 buildings converted to LED from T12s and cut lighting cost in half and much brighter.
Not to mention the operating lifetime of LED bulbs can be as long as 10+ yrs. Upfront capital expenditure might be steep given current financials of the 3-4 month old business, but a switch to LED could be well worth it in a reasonable timeframe. I'm not familiar with Ohio's $/kWh pricing table, but LED bulbs usually pay for themselves in a surprisingly short amount of time. Great point, @Steve Holmes. Another trick that might be helpful is keeping vending machines fully stocked at all times. I remember reading a case study about stock levels in retail environments. In the study, the researchers noticed that a customer is less likely to purchase a product if there are only a few on display. The researchers found that consumers might subconsciously interpret low stock items as having flaws. For example, in grocery stores, if there are only a few apples on a display, they tend to be bruised or damaged, so consumers will instinctually avoid those apples. The same argument could be made about vending machine stock levels. I'll look for a link to the study, and if I find it I'll edit this reply. Long story short, full vending machines could boost sales. As one of my former managers used to say: "Stack 'em high, watch 'em fly."
@@ZamAhx12345 Agreed - it's wild. In just a few years, it's totally changed from ridiculously expensive to the same price as incandescents. I remember thinking that LEDs wouldn't stick around if the price stayed as high as they were. Absolutely mind blowing what economies of scale are capable of
@@InvestmentJoy Worked for a man who had an arcade he was selling off. This was 20 years & could have sold the lot but got greedy so no man cave sales. Arcades were huge in the 90's here in Australia
Investment Joy an arcade machine with games like Galaga, Tetris, Mortal Kombat, and all that other stuff would be cool too! They’re also a bit smaller than pinball machines if space is an issue!
Overall this was a great purchase, but the laundry is sinking his profit. His rental income is what is profitable, not the laundromat. Those should be separate or something like this will lead you to believe that the laundry is a good idea (it's not in its current state). Good luck with your businesses though! Hard work is key but economics and accounting are tools that help you identify these things :)
I suggest you get a job and work in the business that you are trying to make to learn as much from someone who has dealt with problems that aren't visible from the outside. If you just open a business without experiencing what it's like to work in that area of expertise than your more than likely going to lose money to learn about those mistakes and those mistakes can be costly
The best location to operate a laundromat is a low-income neighborhood, preferably downtown. Majority of poor people dont have their own washer and dryer, so it's a great location.
@@thebubbler2832 He is providing a service to people, it's not like he's forcing them to use his services, and he sounds like he is doing a fair business. He isn't exploiting people whatsoever imo; exploiting people would be like the price gouging that happened when most gas stations weren't able to operate as they ran out of gas in Texas after the hurricane, or how after a hurricane people will start selling basic goods, such as foods, at a much higher price. *That's* exploiting people. It's like when you build a Walmart in a poorer community and you start calling the CEO of Walmart someone who exploits poorer people because how dare he run a business in an area that has a majority of less than fortunate people!
That's great that he is cash flowing enough to be in a position to do so. Owning a SFD and renting it out with a mortgage often results in $100 profit and on months with more expenses then that you end up coming out of pocket to cover the mortgage. Possibility of losing the property is increased.
As a business major in my junior year of college, it’s awesome seeing other entrepreneurs/business owners. Your videos are very informational and fun to watch!
And a Pokemon Go Gym or Pokestop. If the college kids can get items in PoGo while they wait for their laundry, then they'll be more likely to come to you over a competitor.
I love watching these videos as a starting Business Administration student. It really helps me visualize exactly what I'm learning with a real world scenario that's more relative to me than multi-billion dollar corporations.
It's really interesting to see the actual stats of a laundromat and what goes into maintaining one. Thanks for showing everyone this as it's really informative!
I agree with the comments from some of your subs, it's rare to find content this open and raw. I applaud your openess and business skills. Thanks for sharing it is very inspiring and eye opening.
This is so good. It’s not like 30 min intro and gibberish talks and than advertisement. He is actually teaching us how to start a business step by step. Thanks for your videos.
Unless I'm overlooking something, this kind of proves that the laundromat is not profitable; it's the residential space above the laundromat that is giving this investment any value. Without the rental income, your monthly expenses are averaging around $2,800, while you're averaging about $2,400 in revenue. Without the capital expenses you would have made just over $1,800, but without rental income you'd be thousands in the hole. While your mortgage and utilities may decrease in a building with no apartments above it, it wouldn't be enough to come out ahead. This was a great investment on your part, but the apartments are what makes this laundromat profitable.
I randomly came across your channel and I love how honest and how you seem like a good guy. You have another sub in myself. Can't wait to see how your channel is in a year Sincerely brother, I wish you all success and happiness.
It's encouraging for me, as someone hoping to one day own my own business, that this can be done. Thank you for showing that it is very reasonable and very possible to live and survive in this day and age as a business owner. It can become quite daunting to not know what you're doing... but it also goes to show that one has to want to run the race to even get into it.
The entrepreneurship in all of us. When we think of business most people think of big business. This interests you bc you know this is very doable for you.
If you haven't already, you should read/listen to the book "Unscripted - Life Liberty and the Pursuit of entrepreneurship" . It is changing my life and I would love to share the experience to other learning entrepreneurs. However, keep in mind M. J. DeMarco's books have a tendency to filter out the people not willing to listen or have an open mind - filter as in the books being very long and very cynically sarcastic.
Wow what an improvement in 1 month! i cant wait to see the 1 year mark when some of these numbers stabilize and I hope everything keeps working out positively for you! You have clearly spent a lot of time working on your business knowledge and going out and doing what less than 5% of people are willing to do. Best of luck!!!
big expenses like that are 100% better to fiance and not tie up the money into the asset like that. Like sRm my brother finances all of his tow trucks because of the write offs you can get with doing it that way. I am also sure if you fiance it through places like speed queen they offer maintenance plans/contacts etc at a reduced or free rate due to buying the equipment off of them.
That’s not how a P&L statement works. You can show a cash reserve on your balance sheet and earmark it for future expenses but it wouldn’t show on your P&L statement at all until it’s an actual expense.
The more common approach is to depreciate the asset. For example, a $1200 dryer with an expected life of 5 years will come to an expense of $20/month with a linear method. It better reflects the 'consumption' of the asset throughout the reporting period. Unfortunately you ruin the comparability of reports if you switch methods halfway through.
can i just say i love how None commercial this video is. I mean that in the best way possible. Everything on youtube is so like professional and commercial type videos. It so nice for a change.
I love this. Your message is 100% spot on. People will come up with every reason to NOT do something and to NOT take the risk into whatever business adventure you are eyeing up. (And never have an alternative answer other than to punch a time clock like themselves) I run rentals myself, keep up the good work and moving forward. I'd take self employment into real estate any day over punching a time clock for false "security" from a job making someone else rich. Great content! You got my sub!
@@InvestmentJoy just do it with the talent you've got now. TH-cam and it's community love that kind of cheese and believe me, you will see a spike in views and subs.
Hey Brandon! I just got to say that, as a senior student in Realestate and constructional economics, I think this is a video is a blessing. I'm about to finish my last year in college and throughout all the exams and case-studies that I've done, none of them have come close to explain the process of a small, growing Realestate-firm in such detail and informative as you've just done. It's amazing to see the business and investment come to life, and your transparency with it all towards us is much appreciated. I find it thoroughly interesting, and hope to see more similar videos like this in the future. Great job, and good luck from me here in Sweden! :)
Love the vid very interesting to see the real numbers for a small business like this Ps. People who dont know what they are talking about will give advice on anything recently went on a diet and had people who have never cut down eating or attempted to research how the human body works giving all kinds of false information about what I was doing good luck on the buisness
I appreciate the courage in making your own business. You have a good understanding of what it takes to make it work. At 16 hours a month, you can do this job until you turn 100!
I understand the idea of segmenting my income more indep I just don't have time for it because the vending income represents less than one half of 1% of the revenue my company generates. It's fun and enjoyable for TH-cam but when I have to pick between 50 Cent bags of Doritos and a 3400 square foot of 6 bed 2 bath house, the house gets my attention
Cna u even call it a small business when it’s owned by a real estate “mogul”. Not equivalent but it’s like saying a lemonade stand owned by walmart is a small business..
Don’t sweat the haters man. Who gives two craps what they think or have to say. Most are just keyboard trolls who probably never owned a business or had a long hard days work before. Most in-depth video I’ve seen yet. You got a new sub!! Keep it up man, doing something right.
How to make money: A. Invest in a laundry mat that's an (ok) investment but actually gains a lot of YT intrigue B. Collect the real money from YT views/subs over the subject matter. GENIUS (no seriously, brilliant).
Not the highest production value but the content is honest and raw. Anyone who wants to see what the real side of business this is a great resource! Keep up the good work. (also always nice to see a landlord working with tenets!)
Tip : 1) add coffee vending machine Tip : 2) see what is the majority of the people using your laundromat and target then with extra service that they tend to like.
Question, Have you ever thought about getting some basic front load washing machines? That will cut your water bill in half and cut the electric as well. They run on about 16-22 gallons of water per load compared to those Top Loaders that can use anywhere from 35-45 gallons per load. It will cut the electric because it won't need to fill the water as high and goes through the cycles faster. First time being here. Pretty cool to actually see what people go through. I kinda always wanted to get in this type of business but going in blind is pretty scary. I will say though as I read some comments. Keep the vending machines stocked. And rotate the drinks and snacks. When people come in. If there's nothing and or it's the same thing all the time. They get bored and they won't buy as often. Great Job so far!!!
Usually a good idea to have a change machine too, no idea where you *get* one, or how much one costs either, but you *know* someone's going to show up needing to do laundry, with not enough change, be it quarters, dimes, whatever, and need to change a bill into change. If you haven't got a working relationship with the variety store next door, sometimes even if you do, that customer is going to be right out of luck and very, very, unhappy. Especially if it's after the washer has run, and they need change for the drier!
Brandon, you are a good business man, I am learning so much about how you organize your spreadsheets, operating costs, as well as how you are increasing your profits, and paying out the initial expenses. I will keep you subscribed for when I try to run a high speed alcohol logistics company. Europe- America. (Or really something else that can be profitable) thank you for all this.
Appreciate your content! Got to catch the Live Q&A, great as well. My wife and I own and operate a screen printing business, and take alot of your advice. Keep up the vids...we look forward to an arcade at the laundromat as well!
I agree and disagree too. For me, I'd replace 2 washing machines at a time cause replacing all would be expensive but by doing it a few at a time he keeps cost down while not taking a huge risk of replacing them all at once
Great breakdown and yes you will see a lot of nah sayers on here haha. That dyslexia line hit me hard cause I've suffered from it all my life and I work with numbers and spreadsheets and I'm always fixing my work cause of it. I've been self-employed on the internet for 18 years now so you keep on doing your thing. I subbed ya and yeah you will make good money here that will help your mat grow.
I used to work in the coin-op/entertainment industry. Regarding your coin processing, it is important to keep coin acceptors clean and lubricated. To clean coin acceptors and counting machines use a q tip and denatured alcohol. Then dust very lightly with graphite lock lubricant. This will majorly reduce coin jams and reduce downtime losses. as well as extend the life of equipment. Adding game machines and a coffee machine will boost your profits. Many game machine companies will place a machine in your store on a 50/50 commission basis.
Hey Brandon, what you are doing is great. I'm glad that there are people out there that have some drive to go out there and get it. Glad you are doing this and it's helpful for those of us who are still thinking about taking this risk.
Great, all of the hard work will be paid off at the end. It's just the journey that makes it so adventurous. Keep move on, awesome video. Wish you all the best.
This was just great, I’m 24 & have been investing in boxes of candy since a child as school & so on so forth. I’m not sure why this came up on my TH-cam feed but glad it did. I been struggling with with “up to date” ways to invest any money that’s just sitting around & skipping around over videos was entirely educational. Appreciate the fuck out of what you’re doing man & hey each negative comment is just one less person you have to worry about ever beating you to investment opportunity
Long term investments seem like a waste of time for people who need the entirety of their income now...... your doing great dude, and getting to learn some things about being an entrepreneur is useful even if the specific topic is not something i'm interested in the ideas behind them are cool. thanks keep it up.
I think that's the main issue with new entrepreneurs, they want their income as quickly as possible and ruin it for themselves. Long term is the way to go
@@onyxxvenom9198 long term is just difficult. being able to do the long term means you have already made it somewhat and have the money to invest. a lot of these people dont really grasp that this type of investment comes way later down the road.
If you listen closely in this video in the "office" section, he says that the entire mortgage was/is financed by the previous owner. The previous owner literally owned the property outright and is now getting principle/interest payments from this new owner. So, NO MONEY DOWN. Now, one could argue that he needed to spend money on remodel/rehab, but someone with a credit card with a $2K limit and time on their hands might be able to pull it all together and get something like this up and running in a small town. At least enough to generate income...which is then plowed back into the business to generate MORE income (1 new machine per month, etc...) until you have reliable equipment, etc. Good and stable renters upstairs are a must, though.
For some reason people like to see things dealing with money. Probably why the channel is blowing up. I used to own my own washer and dryer repair/sales company. I'd get washers for $50 and I'd teste them and fix them if they needed to be fixed. I'd then turn around and sell a set for about 300-600, depending on model and options. I'd work from 9am to about 10pm everyday and sometimes would make about $3000 a day but of course thats before cost of units, gas, parts... I remember going to help a guy at a laundromat and I told him I normally charge $60 to diagnose 1 unit but I told him I'll charge you $20 since you have a lot... man i diagnosed 40 of his units that day and made $800 just by telling him what was wrong with them lol. Good stuff!!! Well you might get to the point of making money off of your TH-cam videos too! Good luck and you have yourself a new subscriber
Hi, I accidentally stumbled upon this video. I find it very interesting. I am from Germany felt quite inspired by your video. Thank you so much. I like the other videos as well.
I didn't see a line in your financial statements for amortization/depreciation. Maybe you should consider that. I think your net income would be more reflective of the actual economic reality of the business if you included that.
I'v been self employed for 4 years, when I first started my business many people , even my own father did not believe in me. Now days im very busy every day is booked for weeks out with work. If you put your mind to it, you are capable of anything. Enjoyed seeing the investment you made, seems pretty interesting to see this side of business\investment journey.
It’s so rare to find raw content like this
yes it is, i'm really happy yt recommended this to me
Insta-subbed
Definitely, feels like old TH-cam
Makes it feel like yt in 2012
For real
I recently have felt like my life was missing something... and learning about how a laundromat works has given my life meaning.
God bless
ok boomer
@@astor3140 oK bOoMeR
Yall are weird
@Pug Fister breathen't
Another way to cut cost, since the guys upstairs are having a hard time paying their rent. Tell them you will give them a 100 dollar discount on rent if they clean the laundry mat. then you don't have to pay the cleaning guy 400 a month.
im hip to that. :)
Yup that’s smart
I'm not sure the people who have had a hard time paying 400/month are the ones who will clean the laundry mat, very well.
@@potato2941 the cleaning guy may not be the renter. Not sure where you're making that connection or that the rent is 400 a month.
@@Billy_Darley I know this is a month old but the cleaning guy is NOT the renter, they are saying fire the cleaner and use the renters as the cleaners to lower the renters rent.
You lower the renters rent by $100 per month but lower your costs by $400 per month, thereby saving a total of $300 per month.
Potato is essentially saying that he wouldn't trust people who can't afford rent of $400 a month to clean a laundromat.
He's paying the mortgage and making a little on the side. As just a realestate play this is a good long term
investment.
Glad you see it that way (I do too), you'd be blown away by the comments I get about being a idiot on this whole deal.
Came to post this as well. You’re building equity and small cash flow for minimal time.
Yeah it's easy to get lost by thinking how long it will take to pay off / break even on the whole deal
That's how your supposed to do it, one of my properties my monthly is $1300, I charge those tennants $2750....do the math, if u can swing it, go for it!!!!
@@trentdawg2832 Be a good landlord my man, invest some of that rent money into repairs. I know it sounds weird to hear, but I'm stuck with a shitty slumlord.
Such a useful channel. Honestly I wouldn't change the way you present this at all. It's perfect.
Few thoughts:
1. Clean the lint from the dryer ducting for lint fire prevention and improved air flow.
2. Run the numbers if it is worth converting to LED lighting since the lights are on long hours in a laundromat. Current lights might be older T12 or T8's. I had two small 20 x 20 buildings converted to LED from T12s and cut lighting cost in half and much brighter.
Not to mention the operating lifetime of LED bulbs can be as long as 10+ yrs. Upfront capital expenditure might be steep given current financials of the 3-4 month old business, but a switch to LED could be well worth it in a reasonable timeframe. I'm not familiar with Ohio's $/kWh pricing table, but LED bulbs usually pay for themselves in a surprisingly short amount of time. Great point, @Steve Holmes.
Another trick that might be helpful is keeping vending machines fully stocked at all times. I remember reading a case study about stock levels in retail environments. In the study, the researchers noticed that a customer is less likely to purchase a product if there are only a few on display. The researchers found that consumers might subconsciously interpret low stock items as having flaws. For example, in grocery stores, if there are only a few apples on a display, they tend to be bruised or damaged, so consumers will instinctually avoid those apples. The same argument could be made about vending machine stock levels. I'll look for a link to the study, and if I find it I'll edit this reply.
Long story short, full vending machines could boost sales. As one of my former managers used to say: "Stack 'em high, watch 'em fly."
@@doist9928 especially nowadays LED's are dirt cheap, almost as much as old bulbs
@@ZamAhx12345 Agreed - it's wild. In just a few years, it's totally changed from ridiculously expensive to the same price as incandescents. I remember thinking that LEDs wouldn't stick around if the price stayed as high as they were. Absolutely mind blowing what economies of scale are capable of
Get a pinball machine. Cool factor x1000
I'm gonna pick one soon just for the youtube factor.
@@InvestmentJoy Worked for a man who had an arcade he was selling off. This was 20 years & could have sold the lot but got greedy so no man cave sales. Arcades were huge in the 90's here in Australia
Investment Joy an arcade machine with games like Galaga, Tetris, Mortal Kombat, and all that other stuff would be cool too! They’re also a bit smaller than pinball machines if space is an issue!
I'd be careful with that. Where you're at, they'd go missing real quick or broken.
Investment Joy can you survive on just laundromat earnings or do you need more jobs or businesses
It’s awesome when someone is willing to show how a business is run. Thank you for letting others see your journey in wealth building.
As a student learning business managment this gives a great perspective into what a running a business is really like. Keep up the great work
BRAVO2205 I need to learn these things just in general if I choose to do a uturn ever With my career
Yeah and the college won’t even teach you stuff like this either, and if so won’t be in-depth as this.
Overall this was a great purchase, but the laundry is sinking his profit. His rental income is what is profitable, not the laundromat. Those should be separate or something like this will lead you to believe that the laundry is a good idea (it's not in its current state).
Good luck with your businesses though! Hard work is key but economics and accounting are tools that help you identify these things :)
I suggest you get a job and work in the business that you are trying to make to learn as much from someone who has dealt with problems that aren't visible from the outside.
If you just open a business without experiencing what it's like to work in that area of expertise than your more than likely going to lose money to learn about those mistakes and those mistakes can be costly
I'd like to see a video on how you went about choosing this laundry mat, like location ECT.
The best location to operate a laundromat is a low-income neighborhood, preferably downtown.
Majority of poor people dont have their own washer and dryer, so it's a great location.
POOR EXPLOITABLE PPL LOL. dude owns a laundromat and a trailer park 😭
@@thebubbler2832
He is providing a service to people, it's not like he's forcing them to use his services, and he sounds like he is doing a fair business. He isn't exploiting people whatsoever imo; exploiting people would be like the price gouging that happened when most gas stations weren't able to operate as they ran out of gas in Texas after the hurricane, or how after a hurricane people will start selling basic goods, such as foods, at a much higher price. *That's* exploiting people.
It's like when you build a Walmart in a poorer community and you start calling the CEO of Walmart someone who exploits poorer people because how dare he run a business in an area that has a majority of less than fortunate people!
He covered how he found this location in previous videos.
thebubbler what’s the other option? Wash their clothes in the bath tub?
You earned my subscribe by giving your tenants a break when things were rough for them. Good karma
I agree.
That's great that he is cash flowing enough to be in a position to do so. Owning a SFD and renting it out with a mortgage often results in $100 profit and on months with more expenses then that you end up coming out of pocket to cover the mortgage. Possibility of losing the property is increased.
Tip: Add your most asked questions into the description box.
GOod idea!
Yup! FAQ...
who would of ever thought a laundromat business was so intriguing !
Meshelle559 You from noTown?
Teaching and someone honest enough to open his books to inspire people ... wow, a rare gem.
Openly admitting that you're playing the algorithm, LOVE IT.
Yea, he's so honest about stuff that most people treat as taboo for no good reason. It's very refreshing
So Shoenice got into real estate. Glad he changed his life around
ratmaster4000 you can do a lot when you don’t drink a whole bottle of Everclear.
I said the same thing before I happened across your comment😂
Brandon, you're a gem. You put a lot of work into your work and into showing your work, avoid the naysayers, numbers tell the story you need to hear.
Best thing about this investment channel is we (the viewers) can physically see whats going on. Compared to other channels are mainly vocally based.
I kept trying to scroll down on the spreadsheet, LOL.
OMG! Me too!
I actually have a spreadsheet opened on another tab, and jumping back and forth, I confused myself, lol.
Oh me too lol
As a business major in my junior year of college, it’s awesome seeing other entrepreneurs/business owners. Your videos are very informational and fun to watch!
This is inspiring. Keep your vending machines stocked, maybe add a pinball machine, get it poppin!
And a Pokemon Go Gym or Pokestop. If the college kids can get items in PoGo while they wait for their laundry, then they'll be more likely to come to you over a competitor.
The American dream is still alive for those who want it. You are proof of that. Good job.
I love watching these videos as a starting Business Administration student. It really helps me visualize exactly what I'm learning with a real world scenario that's more relative to me than multi-billion dollar corporations.
It's really interesting to see the actual stats of a laundromat and what goes into maintaining one. Thanks for showing everyone this as it's really informative!
I agree with the comments from some of your subs, it's rare to find content this open and raw. I applaud your openess and business skills.
Thanks for sharing it is very inspiring and eye opening.
Wow you’re really blowing up, I wish you luck man
Thanks!
Its that weird youtube algorithm
This is so good. It’s not like 30 min intro and gibberish talks and than advertisement. He is actually teaching us how to start a business step by step. Thanks for your videos.
I would love to hear a backstory on how you got started into your entrepreneurship journey.
Daniel Bracy definitely yea
Unless I'm overlooking something, this kind of proves that the laundromat is not profitable; it's the residential space above the laundromat that is giving this investment any value. Without the rental income, your monthly expenses are averaging around $2,800, while you're averaging about $2,400 in revenue. Without the capital expenses you would have made just over $1,800, but without rental income you'd be thousands in the hole. While your mortgage and utilities may decrease in a building with no apartments above it, it wouldn't be enough to come out ahead. This was a great investment on your part, but the apartments are what makes this laundromat profitable.
I randomly came across your channel and I love how honest and how you seem like a good guy. You have another sub in myself. Can't wait to see how your channel is in a year
Sincerely brother, I wish you all success and happiness.
Me too!👏👏
I never thought i'd be watching videos on running laundromat. but you some how got me hooked.
People need to clean their clothes no matter how the economy is going, so enjoy your business. Great video
i usually watch videos on tech and stuff, but laundromats are my new thang.
I’ve recently become interested in starting a laundromat, this channel/series is fantastic :)
It's encouraging for me, as someone hoping to one day own my own business, that this can be done.
Thank you for showing that it is very reasonable and very possible to live and survive in this day and age as a business owner. It can become quite daunting to not know what you're doing... but it also goes to show that one has to want to run the race to even get into it.
I don't know why but this is so fucking interesting to me
The entrepreneurship in all of us. When we think of business most people think of big business. This interests you bc you know this is very doable for you.
Same
If you haven't already, you should read/listen to the book "Unscripted - Life Liberty and the Pursuit of entrepreneurship" .
It is changing my life and I would love to share the experience to other learning entrepreneurs. However, keep in mind M. J. DeMarco's books have a tendency to filter out the people not willing to listen or have an open mind - filter as in the books being very long and very cynically sarcastic.
Oh yeah yeah
Wow what an improvement in 1 month! i cant wait to see the 1 year mark when some of these numbers stabilize and I hope everything keeps working out positively for you! You have clearly spent a lot of time working on your business knowledge and going out and doing what less than 5% of people are willing to do. Best of luck!!!
I personally would have another expense line into an account for the future appliance upgrade instead of the plan of financing them
I finance every service truck in my fleet - its a 100% write-off
big expenses like that are 100% better to fiance and not tie up the money into the asset like that. Like sRm my brother finances all of his tow trucks because of the write offs you can get with doing it that way. I am also sure if you fiance it through places like speed queen they offer maintenance plans/contacts etc at a reduced or free rate due to buying the equipment off of them.
That’s not how a P&L statement works. You can show a cash reserve on your balance sheet and earmark it for future expenses but it wouldn’t show on your P&L statement at all until it’s an actual expense.
It’s the piggy back savings line
The more common approach is to depreciate the asset. For example, a $1200 dryer with an expected life of 5 years will come to an expense of $20/month with a linear method. It better reflects the 'consumption' of the asset throughout the reporting period. Unfortunately you ruin the comparability of reports if you switch methods halfway through.
good for u bro. I been thinking in the back of my head for at least a decade about owning a laundromat or a car wash.
As an Accountant - thanks for the break down.
can i just say i love how None commercial this video is. I mean that in the best way possible. Everything on youtube is so like professional and commercial type videos. It so nice for a change.
Wow I was watching you at 50 views when you first posted on reddit about flipping now you’re getting thousands lol. Congrats, you deserve it! :)
I love this. Your message is 100% spot on. People will come up with every reason to NOT do something and to NOT take the risk into whatever business adventure you are eyeing up. (And never have an alternative answer other than to punch a time clock like themselves)
I run rentals myself, keep up the good work and moving forward. I'd take self employment into real estate any day over punching a time clock for false "security" from a job making someone else rich.
Great content! You got my sub!
I see the guitar equipment behind ya.....when you gonna give us a jam session, at least an intro-outro......
live stream if i practice enough :D
@@InvestmentJoy just do it with the talent you've got now. TH-cam and it's community love that kind of cheese and believe me, you will see a spike in views and subs.
Hey Brandon! I just got to say that, as a senior student in Realestate and constructional economics, I think this is a video is a blessing. I'm about to finish my last year in college and throughout all the exams and case-studies that I've done, none of them have come close to explain the process of a small, growing Realestate-firm in such detail and informative as you've just done. It's amazing to see the business and investment come to life, and your transparency with it all towards us is much appreciated. I find it thoroughly interesting, and hope to see more similar videos like this in the future. Great job, and good luck from me here in Sweden! :)
Love the vid very interesting to see the real numbers for a small business like this
Ps. People who dont know what they are talking about will give advice on anything recently went on a diet and had people who have never cut down eating or attempted to research how the human body works giving all kinds of false information about what I was doing good luck on the buisness
Thank you for the honesty. I want to run a business one day so this is encouraging to see someone else show how they got a business started.
Nice bro! I like how ya stay positive. ITS LONELY AT THE TOP!
I appreciate the courage in making your own business. You have a good understanding of what it takes to make it work. At 16 hours a month, you can do this job until you turn 100!
Get those vending machine’s stocked up 2-3 times a week. No excuses. It take less then 15 minutes.
Yeah, he needs a spreadsheet to see what are his most popular/profitable products are and allocate space accordingly
@@haydo8373 People don't seem to understand this concept. Agree agree.
I understand the idea of segmenting my income more indep I just don't have time for it because the vending income represents less than one half of 1% of the revenue my company generates. It's fun and enjoyable for TH-cam but when I have to pick between 50 Cent bags of Doritos and a 3400 square foot of 6 bed 2 bath house, the house gets my attention
@@InvestmentJoy PREACH.
@@InvestmentJoy Fair enough mate, maybe if you have a niece or nephew you could bring them into the business for such tasks 🤓
I appreciate you showing the work involved and cost of doing business. Keep it up man. Keep on.
Small Business is the backbone of our communities. Keep at it!
I agree, and we still get targeted quite often for complaints.
Cna u even call it a small business when it’s owned by a real estate “mogul”. Not equivalent but it’s like saying a lemonade stand owned by walmart is a small business..
@@thebubbler2832 you're really equating this guy to Walmart? Get a life.
thebubbler
Any business under 100 employees is a small business
Rock on dude, do what you enjoy. Glad to see the business is doing well
The laundromat is literally paying for itself and putting some money in his pocket so I would say that's a win
You are the only youtuber that I turn on my notification for
Don’t listen to the negative people, Brandon. You’re doing great 👍
Great guy helping out your tenants when times are tuff for them hats off to you
I think a great way to get customers is to spray people with a hose so they need a dryer. Trust me, I am le business man
What people don't realize is cash flow, rental property and real estate is the King in the end game, you're doing great :)
Mortgage principal repayment isn't an expense, that's like treating the receipt of a loan as income
thanks so much for making this! i’m really interested in becoming a business owner when I grow up and seeing behind the scenes of an SBO is so useful!
i love this channel. this needs to be taught in school
Don’t sweat the haters man. Who gives two craps what they think or have to say. Most are just keyboard trolls who probably never owned a business or had a long hard days work before. Most in-depth video I’ve seen yet. You got a new sub!! Keep it up man, doing something right.
How to make money: A. Invest in a laundry mat that's an (ok) investment but actually gains a lot of YT intrigue B. Collect the real money from YT views/subs over the subject matter. GENIUS (no seriously, brilliant).
TH-cam randomly recommend your video and I'm finding them really interesting, just seeing what's involved and the way you're managing things 👍
It always makes my day when u
You upload!!! Keep uploading and keep up the entrepreneur spirit
Not the highest production value but the content is honest and raw. Anyone who wants to see what the real side of business this is a great resource!
Keep up the good work.
(also always nice to see a landlord working with tenets!)
Tip : 1) add coffee vending machine
Tip : 2) see what is the majority of the people using your laundromat and target then with extra service that they tend to like.
@Chet Carson There are really coin operated TV's?
@@noobgamer-qb3gq I'm curious too XD
@@noobgamer-qb3gq There's coin operated everything. There's even coin operated wifi and computers
@@noobgamer-qb3gq ever been to a hospital?
@@highstandards6226 Yes but these Tv's you have to get a card at the reception, so it'a bit different
Question, Have you ever thought about getting some basic front load washing machines? That will cut your water bill in half and cut the electric as well. They run on about 16-22 gallons of water per load compared to those Top Loaders that can use anywhere from 35-45 gallons per load. It will cut the electric because it won't need to fill the water as high and goes through the cycles faster. First time being here. Pretty cool to actually see what people go through. I kinda always wanted to get in this type of business but going in blind is pretty scary. I will say though as I read some comments. Keep the vending machines stocked. And rotate the drinks and snacks. When people come in. If there's nothing and or it's the same thing all the time. They get bored and they won't buy as often. Great Job so far!!!
I remember my laundromat had a .25 cent Metal Slug game.
Usually a good idea to have a change machine too, no idea where you *get* one, or how much one costs either, but you *know* someone's going to show up needing to do laundry, with not enough change, be it quarters, dimes, whatever, and need to change a bill into change. If you haven't got a working relationship with the variety store next door, sometimes even if you do, that customer is going to be right out of luck and very, very, unhappy. Especially if it's after the washer has run, and they need change for the drier!
Brandon, you are a good business man, I am learning so much about how you organize your spreadsheets, operating costs, as well as how you are increasing your profits, and paying out the initial expenses. I will keep you subscribed for when I try to run a high speed alcohol logistics company. Europe- America. (Or really something else that can be profitable)
thank you for all this.
Love the Hussle! Your headed for bigger things.
Came across this in my recommendations, and I’m glad I did. I wish you luck, and look forward to watching you grow. Liked and subbed.
Appreciate your content! Got to catch the Live Q&A, great as well. My wife and I own and operate a screen printing business, and take alot of your advice. Keep up the vids...we look forward to an arcade at the laundromat as well!
Awesome! I love the numbers crunch part of it, so cool to see the data of well, life. And how all that rolls into more power, LOVE IT!
The longer you wait to remodel the more expensive it will be, get ahead of that rising water bill
I agree and disagree too. For me, I'd replace 2 washing machines at a time cause replacing all would be expensive but by doing it a few at a time he keeps cost down while not taking a huge risk of replacing them all at once
Holy shit your channel growing really fast. I'm seeing 100-200k by the end of the month keep it up!
I'd Love 100k , growth has been nuts ~7k-9k a day for a week almost.
It's impressive that you have come so far so fast with this investment.
Thanks for setting up this channel, it's really interesting to see stuff like this
Great breakdown and yes you will see a lot of nah sayers on here haha. That dyslexia line hit me hard cause I've suffered from it all my life and I work with numbers and spreadsheets and I'm always fixing my work cause of it.
I've been self-employed on the internet for 18 years now so you keep on doing your thing. I subbed ya and yeah you will make good money here that will help your mat grow.
I used to work in the coin-op/entertainment industry.
Regarding your coin processing, it is important to keep coin acceptors clean and lubricated. To clean coin acceptors and counting machines use a q tip and denatured alcohol. Then dust very lightly with graphite lock lubricant. This will majorly reduce coin jams and reduce downtime losses. as well as extend the life of equipment.
Adding game machines and a coffee machine will boost your profits. Many game machine companies will place a machine in your store on a 50/50 commission basis.
Didn't you know everyone on TH-cam is an expert in whatever the video their watching is about?
Hey Brandon, what you are doing is great. I'm glad that there are people out there that have some drive to go out there and get it. Glad you are doing this and it's helpful for those of us who are still thinking about taking this risk.
Keep it up dude, exciting to watch you grow!
I'm totally in on all your videos. I can't wait to open my own. Just need to find the right place and its go time. I learn so much from you👍
Use some of that revenue to activate your Windows.
Nah, a penny saved is a penny earned.
Or upgrade to Linux for free.
If he is only using the PC or laptop to run the software and not connect to the Internet, then why the need to activate the OS?
I really enjoy watching these videos!! This has been super interesting to see. Keep up the great work you do!! Way to inspire people!!
Posted while I was watching your last vid, my first vid of yours I’ve seen. I’ve always wondered about the profitability of a laundromat. Subscribed!
Car washes are great too
Great, all of the hard work will be paid off at the end. It's just the journey that makes it so adventurous. Keep move on, awesome video. Wish you all the best.
I have a feeling that fall/winter months will be better on income, people can't use clothes lines if it's snowing.
They'll string a cheap rod in the bathtub if need be. Anything to save a buck when it comes down to food versus patience.
This was just great, I’m 24 & have been investing in boxes of candy since a child as school & so on so forth. I’m not sure why this came up on my TH-cam feed but glad it did. I been struggling with with “up to date” ways to invest any money that’s just sitting around & skipping around over videos was entirely educational. Appreciate the fuck out of what you’re doing man & hey each negative comment is just one less person you have to worry about ever beating you to investment opportunity
Nice work so far! Keep up the trend and you'll soon be able to afford an "activated" copy of Windows...plus it's a valid business expense!
Good luck, glad to see this informing content. Feels like vintage TH-cam, but not in a bad way.
Long term investments seem like a waste of time for people who need the entirety of their income now...... your doing great dude, and getting to learn some things about being an entrepreneur is useful even if the specific topic is not something i'm interested in the ideas behind them are cool. thanks keep it up.
I think that's the main issue with new entrepreneurs, they want their income as quickly as possible and ruin it for themselves. Long term is the way to go
@@onyxxvenom9198 long term is just difficult. being able to do the long term means you have already made it somewhat and have the money to invest. a lot of these people dont really grasp that this type of investment comes way later down the road.
If you listen closely in this video in the "office" section, he says that the entire mortgage was/is financed by the previous owner. The previous owner literally owned the property outright and is now getting principle/interest payments from this new owner. So, NO MONEY DOWN. Now, one could argue that he needed to spend money on remodel/rehab, but someone with a credit card with a $2K limit and time on their hands might be able to pull it all together and get something like this up and running in a small town. At least enough to generate income...which is then plowed back into the business to generate MORE income (1 new machine per month, etc...) until you have reliable equipment, etc. Good and stable renters upstairs are a must, though.
For some reason people like to see things dealing with money. Probably why the channel is blowing up. I used to own my own washer and dryer repair/sales company. I'd get washers for $50 and I'd teste them and fix them if they needed to be fixed. I'd then turn around and sell a set for about 300-600, depending on model and options. I'd work from 9am to about 10pm everyday and sometimes would make about $3000 a day but of course thats before cost of units, gas, parts...
I remember going to help a guy at a laundromat and I told him I normally charge $60 to diagnose 1 unit but I told him I'll charge you $20 since you have a lot... man i diagnosed 40 of his units that day and made $800 just by telling him what was wrong with them lol. Good stuff!!!
Well you might get to the point of making money off of your TH-cam videos too! Good luck and you have yourself a new subscriber
That's exactly what my brother does.....and guess what one of the next videos will be about?
@@InvestmentJoy nice!! Lots of money in this business since there will always be the need.
Seems like the vending machines are great earners on their own
Hi, I accidentally stumbled upon this video. I find it very interesting. I am from Germany felt quite inspired by your video. Thank you so much. I like the other videos as well.
I didn't see a line in your financial statements for amortization/depreciation. Maybe you should consider that. I think your net income would be more reflective of the actual economic reality of the business if you included that.
Thanks man. I have no desire to start my own business at this time, but this is helpful learning in case it's something I decide to do in the future.
Why am I so interested in watching this man own a laundry mat
Because he's helping you learn a good business course for a lot less than your community college would charge you for the same thing!🤷♀️😁😎💗👏👏
I'v been self employed for 4 years, when I first started my business many people , even my own father did not believe in me. Now days im very busy every day is booked for weeks out with work. If you put your mind to it, you are capable of anything. Enjoyed seeing the investment you made, seems pretty interesting to see this side of business\investment journey.