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#57 We Bought a Laundromat! · Own More Doors

• 0:00
  SPEAKER_00: What's up, everyone?
• 0:01
  SPEAKER_00: Juan Weezar here with the Own More Doords podcast.
• 0:04
  SPEAKER_00: This specific episode was first shared on our YouTube channel, Sage Real Estate.
• 0:08
  SPEAKER_00: Check it out.
• 0:09
  SPEAKER_00: And we're excited to bring it to you here.
• 0:11
  SPEAKER_00: So Jack and I just bought a laundromat.
• 0:14
  SPEAKER_00: We're inside of it.
• 0:15
  SPEAKER_00: Now, the one thing I've learned since we bought this, because we've now we've owned it for about a month, everyone we meet says, I want to own one too.
• 0:21
  SPEAKER_00: It's the most interesting thing because before this, Jack and I never even thought about owning one.
• 0:26
  SPEAKER_00: But one hit the market.
• 0:27
  SPEAKER_00: We bought the real estate.
• 0:28
  SPEAKER_00: It came with the business.
• 0:29
  SPEAKER_00: It was the cherry on top.
• 0:31
  SPEAKER_00: Tune into today's show while we break down why we bought it, why we thought it was a good deal.
• 0:35
  SPEAKER_00: But more importantly, is this something that you could get into?
• 0:38
  SPEAKER_00: Is this something you want to get into?
• 0:39
  SPEAKER_00: Tune into our show.
• 0:41
  SPEAKER_00: Wait till the very end.
• 0:42
  SPEAKER_00: Hey everyone, it's Juan Weezar.
• 0:44
  SPEAKER_00: Jack Patel.
• 0:45
  SPEAKER_00: And we're super excited.
• 0:46
  SPEAKER_00: We're we're inside of a laundromat that Jack and I just bought.
• 0:50
  SPEAKER_00: If you've been watching some of our shorts, we've kind of been keeping you guys on notice on what we've been up to.
• 0:55
  SPEAKER_00: And so we decided to bring you guys here on site, away from the office, and we could tell you why we got this investment.
• 1:02
  SPEAKER_00: Were we thinking about it?
• 1:03
  SPEAKER_00: I mean, Jack, how did how did this investment come about?
• 1:06
  SPEAKER_01: This investment was uh it was interesting.
• 1:09
  SPEAKER_01: You you know, you you texted me that, hey, you were looking for a property for your client and you this popped up and you came back on the market, and you're like, hey, what do you know about laundries?
• 1:18
  SPEAKER_01: My text was they make money.
• 1:21
  SPEAKER_01: Let's go get it one.
• 1:22
  SPEAKER_00: We bought the building and they just got a parking lot on the west side and a small parking lot on the east side.
• 1:28
  SPEAKER_00: It's what they call a standalone building, 2,000 square foot uh building.
• 1:33
  SPEAKER_00: When Jack says that I was looking on the market, I wasn't looking, I wasn't looking for a laundromat.
• 1:38
  SPEAKER_00: It's just I was looking for everything that was on the market, which is what we do.
• 1:42
  SPEAKER_00: Then I also look for things that have gone into escrow and fallen out of escrow.
• 1:47
  SPEAKER_00: This one was one of those.
• 1:48
  SPEAKER_00: So I saw it come back and I thought, wow, you get the real estate and you get the business.
• 1:54
  SPEAKER_00: Now the business had been shut down for a year and a half.
• 1:56
  SPEAKER_00: The last tenant probably realized what we just know now.
• 2:00
  SPEAKER_00: What we know now is that you you had to really rebuild the business, and maybe they didn't want to.
• 2:06
  SPEAKER_00: And so what's what's interesting is that because we know real estate values, and you know, our channel's been dedicated to teaching people how to build wealth through apartment ownership, but also real estate ownership.
• 2:17
  SPEAKER_00: When I saw this property come come back out of escrow, I mean someone had it in escrow and fell out, and I texted Jack, I said, What do you know about laundromats?
• 2:26
  SPEAKER_00: Because Jack, Jack is he's an entrepreneur, he knows a lot about businesses, various businesses that I have no experience in.
• 2:32
  SPEAKER_00: His response is they make a lot of money.
• 2:34
  SPEAKER_00: And I said, What do you think of this one?
• 2:36
  SPEAKER_00: He said, Let's go 50-50.
• 2:38
  SPEAKER_00: And that's how quickly it happened.
• 2:40
  SPEAKER_00: And so within, I would say within 48 hours.
• 2:43
  SPEAKER_01: No, we we agreed and within like 10 minutes.
• 2:46
  SPEAKER_00: Well, we agreed to be partners, but but like within 48 hours, we probably had the property in escrow.
• 2:51
  SPEAKER_00: And we had a chase down the realtor.
• 2:53
  SPEAKER_00: One of the things that Jack came out and said is, hey, let her represent us.
• 2:57
  SPEAKER_00: And Jack, like, why was that important?
• 3:00
  SPEAKER_01: Well, her representing us kind of gives us an advantage where we we have a better chance of getting the property.
• 3:06
  SPEAKER_01: Um, she would let us, you know, give us some more information regarding the property, what happened for the previous escrow, and just kind of make things more smoothly, just for this transaction.
• 3:16
  SPEAKER_00: Yeah, so so we were able to put it in escrow.
• 3:20
  SPEAKER_00: And while in escrow, there was a lot of things we found out.
• 3:23
  SPEAKER_00: Now, I know right now when you see it, it's it's dirt and it looks like a complete construction zone.
• 3:28
  SPEAKER_00: But when we bought it, it actually had all the dryers, all the washers.
• 3:33
  SPEAKER_01: And when you looked at it, the appearance was we can uh salvage some of this the machinery that we had about what 78 pieces of equipment?
• 3:42
  SPEAKER_00: Correct.
• 3:42
  SPEAKER_00: And so we thought, okay, most of it is probably gonna be good, yeah, and we'll replace a few pieces here and there.
• 3:48
  SPEAKER_00: What ended up happening?
• 3:50
  SPEAKER_01: Well, we started bringing in vendors once we closed escrow and um the laundry distributors, and they went into the machines when uh started checking stuff that we didn't know.
• 4:00
  SPEAKER_01: Obviously, we're we were first brand new getting into this, and they kind of advised us that hey guys, these are almost 20 years old, a lot of issues with them, uh, bearing issues, this and that.
• 4:10
  SPEAKER_01: You're probably better off going with new ones or you're gonna have some problems in within a couple of years.
• 4:14
  SPEAKER_01: So they weren't salvageable the what we thought they were.
• 4:17
  SPEAKER_01: So we just added costs to our project that we didn't even think about.
• 4:21
  SPEAKER_00: Yeah, and so when we first got started, um, the reason why Jack said yes from the beginning, and and and I appreciate that he did, you know, after we bought it, everyone, about 20 or 30 friends, came came up to me and said, Hey, why didn't you ask me to be an investor?
• 4:37
  SPEAKER_00: Hey, like I've always wanted to own a laundromat.
• 4:40
  SPEAKER_00: And I said, and it's interesting because people tell us that, yeah, and then we bring them a deal, and then they're like, Well, uh, here are a hundred questions that I have about this investment.
• 4:51
  SPEAKER_00: Jack didn't ask one question.
• 4:53
  SPEAKER_00: All he said is, let's go get it.
• 4:55
  SPEAKER_00: And so I think we knew this because we know real estate values here in Southern California.
• 5:01
  SPEAKER_00: We knew the price for the real estate was a home run.
• 5:04
  SPEAKER_00: So we knew that much.
• 5:05
  SPEAKER_00: Right.
• 5:05
  SPEAKER_00: So we knew that the laundromat portion of it was like the cherry on top.
• 5:11
  SPEAKER_00: Now, right now, we're sitting in here, and yeah, I'm looking around thinking, man, are we ever going to get this up and running?
• 5:17
  SPEAKER_00: And right, you know, so we're in um the beginning of August 2025.
• 5:22
  SPEAKER_00: Right.
• 5:22
  SPEAKER_00: And our goal right now is to be up and running before the end of the year.
• 5:25
  SPEAKER_00: Jack, what do you think we've like, what are some of the important things that we've learned that we could share with someone watching who's maybe like thinking of doing this someday?
• 5:32
  SPEAKER_00: Like, like what what are our biggest takeaways so far?
• 5:35
  SPEAKER_01: So far, okay, when it comes to a laundromat infrastructure, you have to know how you have to check the sewer lines, which we we didn't do.
• 5:44
  SPEAKER_01: Well, we found out while in Eskow that the sewer lines were corroded and had holes in them.
• 5:50
  SPEAKER_01: So this is why you see what you see here.
• 5:53
  SPEAKER_01: We're gonna we're we we're laying new um sewer pipes.
• 5:56
  SPEAKER_01: So that's the first thing.
• 5:58
  SPEAKER_01: Second thing is um machines, the equipment.
• 6:01
  SPEAKER_01: That's your bloodline.
• 6:03
  SPEAKER_01: You have to know how old they are, um have they been serviced or if there is needs to be service done.
• 6:08
  SPEAKER_01: I would have someone come out and check that, someone reputable, at least from one of the whatever brands that you have, and go to them and you know, have one of one of the reps come out, take a look at it.
• 6:18
  SPEAKER_01: We've been learning a lot about water heater and boilers, right?
• 6:22
  SPEAKER_01: Yeah, when we bought this property, it had this gigantic boiler in here from I don't know where, 1970s or 80s, something like that.
• 6:29
  SPEAKER_01: It was really big.
• 6:30
  SPEAKER_01: And now they're more efficient tankless water heaters.
• 6:33
  SPEAKER_01: We never knew that uh tankless water heaters can operate a laundromat, but they can.
• 6:37
  SPEAKER_01: Actually, that's the new way going.
• 6:40
  SPEAKER_01: And the last thing I we learned is you can go coinless.
• 6:44
  SPEAKER_01: Yep.
• 6:45
  SPEAKER_01: You know, every everywhere you go, you look at it says coin operated or coin laundry, coin laundry.
• 6:50
  SPEAKER_01: It's that's not the future.
• 6:51
  SPEAKER_01: The future is coinless laundry, which is which is great for us.
• 6:55
  SPEAKER_01: You know, we we're gonna make this a modern coinless laundry.
• 6:58
  SPEAKER_01: So that's a couple of things I take away that we've been learning so far.
• 7:01
  SPEAKER_00: Yeah.
• 7:01
  SPEAKER_00: So some of the things that I've learned, um, and we've been talking to a lot of people, and we've been surprisingly enough, and some of you might laugh, but we've been spending a lot of time on chat GPT.
• 7:11
  SPEAKER_00: Yeah.
• 7:11
  SPEAKER_00: And and and really asking Chat GPT, like, hey, we're we're taking on this business endeavor.
• 7:18
  SPEAKER_00: How many machines should we buy?
• 7:20
  SPEAKER_00: Um, what size machines have we been learning?
• 7:23
  SPEAKER_00: And so not to bore you guys, but there's there's there's 20 pound, 30 pound, 40, 60s, there's 80s, there's even 100.
• 7:30
  SPEAKER_00: And so it just depends on the market that you're catering to.
• 7:33
  SPEAKER_00: Um, probably like my takeaway is um the quotes that we're getting for all new equipment.
• 7:39
  SPEAKER_00: Uh, hold on to your seats because uh we we were just a shock when we got quotes, but the quotes are coming between 500,000 and 600,000.
• 7:48
  SPEAKER_00: 500,000 to 600,000.
• 7:51
  SPEAKER_00: It is extremely expensive to buy these commercial grade washer and dryers.
• 7:57
  SPEAKER_00: Okay, so we knew that in escrow, but then we also found out that there's financing for it.
• 8:02
  SPEAKER_00: So it's not like something that Jack and I have to like pull out of our accounts, which we probably don't have, and then and then to try to make this happen.
• 8:10
  SPEAKER_00: So the fact that there is financing is going to help us.
• 8:12
  SPEAKER_00: Turns out that anyone in the business is financing them.
• 8:15
  SPEAKER_00: Right.
• 8:15
  SPEAKER_00: There's a couple things that I've learned so far that give me hope.
• 8:19
  SPEAKER_00: I mean, obviously, Jack and I know nothing about this business.
• 8:23
  SPEAKER_00: We we are learning.
• 8:24
  SPEAKER_00: We do like to learn.
• 8:25
  SPEAKER_00: We ask a lot of questions, but by no means are we, do we know what we're doing, or we just have, I guess, faith.
• 8:31
  SPEAKER_01: Yeah.
• 8:31
  SPEAKER_00: Faith in our, in our in our skills that we could figure this business out.
• 8:36
  SPEAKER_00: So a couple things that I've that I've heard, and I hope they're true.
• 8:40
  SPEAKER_00: One of them is that the laundromat business is always a seller's market, always a seller's market.
• 8:45
  SPEAKER_00: So, what does that mean?
• 8:46
  SPEAKER_00: So I heard that once from a vendor and it stuck with me.
• 8:50
  SPEAKER_00: Now, maybe I I I wanted to believe that, meaning that this is the kind of business that people will say is recession proof.
• 8:57
  SPEAKER_01: Correct.
• 8:58
  SPEAKER_00: So they're gonna say, hey, um, no matter what the economy is doing, up or down, uh, if it's up or down, the laundromat, people still need to wash clothes.
• 9:06
  SPEAKER_00: Yeah.
• 9:06
  SPEAKER_00: Okay.
• 9:06
  SPEAKER_00: So that was one thing.
• 9:07
  SPEAKER_00: And so I thought if this person's right that it's always a seller's market, and if Jack and I screw up and we spend all this money building it, the exit plan is what?
• 9:16
  SPEAKER_00: Because I am thinking exit plan if we can't be profitable here.
• 9:19
  SPEAKER_00: And the exit plan is if it's always a seller's market, there's a market for someone who's going to take us out.
• 9:24
  SPEAKER_00: And we know, we know that because everyone is telling us, man, if you find another one, let me know.
• 9:30
  SPEAKER_00: I want to buy it with you.
• 9:32
  SPEAKER_01: Well, I mean, that we can a couple of exit strategies we were talking about is, you know, we can sell the property with all the new equipment.
• 9:40
  SPEAKER_01: We can lease the business out to someone.
• 9:42
  SPEAKER_01: We always thought that laundromats were self-serve.
• 9:45
  SPEAKER_01: You come in and do your laundry and that's it.
• 9:47
  SPEAKER_01: We figured out that while, you know, researching all this, there's a huge demand for fluff and fold drop-off services, which is a whole different business just from the self-service laundromat.
• 9:58
  SPEAKER_01: So that can be another leg or arm that we kind of uh deviate to someone else as well.
• 10:04
  SPEAKER_01: So there's a lot of exit strategies here.
• 10:07
  SPEAKER_00: So another thing that I heard that I hope is right is um someone said something along the lines of there's 90% of all laundromat owners are like what's known as mom and pop.
• 10:19
  SPEAKER_01: Right.
• 10:20
  SPEAKER_00: So so, and most of them, you know, it's it's it's interesting now that we that we closed Escrolon one and we're we're we're invested in one.
• 10:29
  SPEAKER_00: Anytime we get a chance to to go into one, and there's by the way, in Long Beach, our market, there are hundreds of laundromats.
• 10:37
  SPEAKER_00: And you would have never known it.
• 10:38
  SPEAKER_00: I would have never known it.
• 10:39
  SPEAKER_00: I would have been if someone would have asked me, I wouldn't have known what to say.
• 10:42
  SPEAKER_00: But there but there are hundreds of them.
• 10:44
  SPEAKER_00: So there's lots of competition.
• 10:45
  SPEAKER_00: There is but then in Long Beach, we do have.
• 10:48
  SPEAKER_00: I mean, Jack and I are apartment brokers, right?
• 10:52
  SPEAKER_00: But so there's a lot of apartments here in Long Beach.
• 10:54
  SPEAKER_00: And so, but then because there's a lot of apartments, there's there's a lot of laundromats.
• 10:58
  SPEAKER_00: As we walk in them, a lot of them are dated.
• 11:01
  SPEAKER_00: They're they're antiquated, they have bad equipment.
• 11:03
  SPEAKER_00: It's almost like 1970s, 1980s still with these old signs.
• 11:07
  SPEAKER_00: Some of the vendors have made them nicer and more modern, but most of them have it.
• 11:11
  SPEAKER_00: Right.
• 11:11
  SPEAKER_00: And I think Jack and I see an opportunity for us to introduce a new type of laundromat.
• 11:18
  SPEAKER_01: Yeah, that's our that's our goal.
• 11:19
  SPEAKER_01: We're trying to bring in a new modern 2025 version of the laundromat.
• 11:25
  SPEAKER_01: Usually what we've seen and heard from other people is what is a laundromat?
• 11:28
  SPEAKER_01: They, you know, what's it what kind of sense do you get when you talk about laundromat?
• 11:32
  SPEAKER_01: It's like either dirty, uh, not clean, unsafe.
• 11:35
  SPEAKER_01: And we want to eliminate those stigmas when it comes to our laundromat.
• 11:39
  SPEAKER_01: We want to make it nice and bright, safe.
• 11:41
  SPEAKER_01: We can, you know, we're trying to figure out if we have some space for a kids' play area.
• 11:45
  SPEAKER_01: So you can come in, do your laundry, and or even you know, drop it off if we have that service going there.
• 11:51
  SPEAKER_01: So that's what we're trying to do over here.
• 11:53
  SPEAKER_00: Yeah, we want we want someone to come in and feel secure.
• 11:58
  SPEAKER_00: It's well lit, it's clean.
• 12:00
  SPEAKER_00: Um, so as we as we're walking into to these older laundromats, we're we're making a note of, well, that's that's how it used to be done.
• 12:10
  SPEAKER_00: And this is how we want to do it now.
• 12:12
  SPEAKER_00: Is it gonna work?
• 12:13
  SPEAKER_00: We don't know, but we're gonna continue doing these interviews or doing these updates and letting you guys kind of follow along in our journey.
• 12:20
  SPEAKER_00: Again, it's August.
• 12:21
  SPEAKER_00: We hope, we hope that by the end of the year we're up and running.
• 12:24
  SPEAKER_00: At this point, we do have permits for a lot of the work, and so now we're trying to figure out well, what contractor can get started, right?
• 12:30
  SPEAKER_00: Could give us the best deal and has some level of experience uh putting in sewer lines, water lines, electrical lines, and then we have to order the equipment.
• 12:37
  SPEAKER_00: We have to order the equipment.
• 12:38
  SPEAKER_00: So talk about the different vendors.
• 12:40
  SPEAKER_00: I mean, you don't have to talk by name, but just like what's it like dealing with people who sell equipment?
• 12:47
  SPEAKER_01: Well, one thing is when um there's about four or five manufacturers or distributors, and what I learned from meeting with all the vendors is majority of them do actually own laundromats themselves.
• 12:58
  SPEAKER_01: Yeah, which is uh which was interesting.
• 12:59
  SPEAKER_01: And it's a small niche community.
• 13:01
  SPEAKER_01: Um, you know, this vendor is gonna know he already knew half the competition that we have here and what they're doing.
• 13:08
  SPEAKER_01: Uh, when it comes to installers or repairmen, it's also another small niche community.
• 13:14
  SPEAKER_01: Um, so it was it was great to know that.
• 13:16
  SPEAKER_01: And the one thing I learned with talking to everyone, they're very helpful compared to other industries.
• 13:23
  SPEAKER_01: You know, we had a question, you know, they all know that we don't know much about laundromatter or anything.
• 13:28
  SPEAKER_01: We're just starting this from scratch.
• 13:29
  SPEAKER_01: And the guidance they're giving us is really great.
• 13:32
  SPEAKER_01: So um, that's what I've been, you know, kind of going what I've learned with working with all these different um distributors.
• 13:37
  SPEAKER_00: Yeah.
• 13:38
  SPEAKER_00: Um a a third thing that that I was told by by one of the vendors, he said, hey guys, within a year of you being in the industry, you're gonna know the majority of what it is you need to know to be successful in the business.
• 13:51
  SPEAKER_00: Um, probably the fourth thing that we keep hearing is that this business is one of the businesses um less likely to go out of business.
• 14:00
  SPEAKER_00: Right.
• 14:00
  SPEAKER_00: It's that that like if you were to open a restaurant, like the percentage of that business going out of business is super high.
• 14:06
  SPEAKER_00: But this is one of those businesses that that is here to stay.
• 14:09
  SPEAKER_00: And I've mentioned this in a few podcasts, but it's important to me is that, you know, I used to wonder if a business was recession proof, which we know the laundromats are.
• 14:17
  SPEAKER_00: But now I'm asking myself, is it AI proof?
• 14:19
  SPEAKER_00: Like, will AI take our jobs as real estate brokers?
• 14:25
  SPEAKER_00: The jury's still out, but uh it's possible.
• 14:27
  SPEAKER_00: It's possible that Jack and I are replaced by AI and we're no longer needed.
• 14:32
  SPEAKER_00: And that's okay.
• 14:33
  SPEAKER_00: That's not my identity.
• 14:35
  SPEAKER_00: And um, I could live with that if that's what ends up happening.
• 14:38
  SPEAKER_00: Um, but I'm thinking, well, we're gonna have to diversify.
• 14:41
  SPEAKER_00: We're gonna have to take risks.
• 14:42
  SPEAKER_00: And this is a lot of risk.
• 14:44
  SPEAKER_00: I mean, this is um um going off, buying this building.
• 14:48
  SPEAKER_00: There was no financing behind it because the seller wouldn't accept financing.
• 14:51
  SPEAKER_00: So we had to, we had to pull the money together, make this happen.
• 14:55
  SPEAKER_00: And now there's really no financing for the construction because we are front loading that ourselves.
• 15:00
  SPEAKER_00: And so when we talk about investments and taking risks, uh, this is exactly what we're doing.
• 15:05
  SPEAKER_00: You know, and and and I've always kind of been proud of our company is that the majority of our agents, their investors, they're putting money where their mouth is.
• 15:13
  SPEAKER_00: And um, yeah, we're telling our clients to do the same, but also we're we're the ones doing it.
• 15:20
  SPEAKER_00: So where I want to be now is is I want to select a vendor.
• 15:23
  SPEAKER_00: Yeah.
• 15:24
  SPEAKER_00: We got to secure five financing for the equipment.
• 15:26
  SPEAKER_00: For the equipment, yep.
• 15:27
  SPEAKER_00: And every time I come back here, I see something new.
• 15:30
  SPEAKER_00: Like right now, we were gonna have the uh what they call the popcorn ceilings.
• 15:34
  SPEAKER_00: I was gonna have that scraped down.
• 15:36
  SPEAKER_00: But there's an area in the back where the ceilings started coming down already, and then we see the rafters.
• 15:42
  SPEAKER_00: And I'm thinking we should just show the rafters.
• 15:45
  SPEAKER_00: Right.
• 15:46
  SPEAKER_00: This looks ugly.
• 15:47
  SPEAKER_01: Yeah.
• 15:47
  SPEAKER_00: And if I could show the rafters, it gives us more of like kind of an industrial type feel.
• 15:52
  SPEAKER_00: And I think that that might look better.
• 15:54
  SPEAKER_00: And so uh every time we come back, the job keeps getting bigger.
• 15:57
  SPEAKER_00: Uh, so that's the scary part, you know.
• 15:59
  SPEAKER_00: Um, Jack's been great to work with, you know, he's been doing a lot of the research, he's watching a lot of stuff, and so it's been good to kind of bounce back and forth, you know, at the same time that we're spending time here uh in getting this up and running, we're still running our businesses.
• 16:12
  SPEAKER_00: And so, and and so we're not closed for business, guys, if you have any real estate needs, but we're gonna continue doing these videos.
• 16:17
  SPEAKER_00: Is there anything else that you wanted to maybe mention for because there's different ways.
• 16:22
  SPEAKER_00: Here we bought the real estate, but right, but there's but there's laundromats that you could just take over the lease, buy the business.
• 16:29
  SPEAKER_00: Um, what can someone do if they're like, man, I really want to do this?
• 16:32
  SPEAKER_01: Like, where can they look?
• 16:34
  SPEAKER_01: So I've been watching a lot of videos and um following a lot of the gurus on um on Facebook and YouTube.
• 16:42
  SPEAKER_01: Hey, hey, pretty soon you're gonna be a guru too.
• 16:44
  SPEAKER_01: Okay.
• 16:44
  SPEAKER_01: Uh what I've what I've learned is when they the ones that have, you know, four, five, six laundromats, when they started, the first one they bought was a rundown old laundromat.
• 16:54
  SPEAKER_01: They didn't buy the building.
• 16:56
  SPEAKER_01: They they just took over the lease from the owner.
• 16:58
  SPEAKER_01: The owner wanted out.
• 16:59
  SPEAKER_01: And a lot of people are like, well, you know, Jack, that's really expensive.
• 17:02
  SPEAKER_01: Well, actually not.
• 17:04
  SPEAKER_01: I've seen we were we saw this one person we were we saw on um, I think in Instagram, he bought his laundromat for$65,000.
• 17:12
  SPEAKER_01: Um, yes, equipment, some was some wasn't working, some were good, but he had it fixed, he did some work on it himself, and it's up and running.
• 17:20
  SPEAKER_01: And slowly in a year or two, he started um renovating or taking out the old equipment, putting new ones in.
• 17:25
  SPEAKER_01: So you can you can do it, you know.
• 17:28
  SPEAKER_01: You know, you might not need a lot of money.
• 17:30
  SPEAKER_01: And then there's SBA loans where you can actually, you know, use that to purchase a business, you know, put 20% down and go with that.
• 17:37
  SPEAKER_01: So if you're looking for a laundromat, multifamily, or any other business that you're thinking about going, give us a call.
• 17:45
  SPEAKER_01: Let us at least strategize with you.
• 17:46
  SPEAKER_01: We I mean, like Juan said, we're in it.
• 17:48
  SPEAKER_01: We just don't talk about it with selling, just selling or buying.
• 17:51
  SPEAKER_01: We're actually investors and entrepreneurs ourselves, our whole company is.
• 17:54
  SPEAKER_01: So it'll be good at least have a strategy session with us.
• 17:57
  SPEAKER_01: So, you know, pick our brain, see what your idea is and see how we can help you.
• 18:00
  SPEAKER_01: And we might even have a property that or a building or a business that might fit it.
• 18:04
  SPEAKER_00: When we're done with this, and it's we're months away, you know, we want to invite everyone to come to our grand open, uh, our grand opening.
• 18:09
  SPEAKER_00: But if you're someone who um who has a laundromat, this we hope, Jack and I hope that we could get this up and running, that we could be successful, that we could do something special, something nice for the community, uh, where it's a benefit to them, they feel safe here, and then and then it's um, and then they're using our business, right?
• 18:26
  SPEAKER_00: So they're kind of mutually beneficial.
• 18:28
  SPEAKER_00: But we're hoping this is one of many.
• 18:30
  SPEAKER_00: And so if you're watching this video and you're sitting on a laundromat that you don't like, that you hate, that you inherited, your uncle left it to you, your grandpa left it to you, uh give us a call.
• 18:40
  SPEAKER_00: Um, we we were talking, and and Jack brought this up.
• 18:43
  SPEAKER_00: He said, Hey, look, um, laundromat's out of state.
• 18:45
  SPEAKER_00: And and I'm thinking, hey, that's I wasn't thinking that at first.
• 18:49
  SPEAKER_00: I wanted to keep everything close nearby.
• 18:51
  SPEAKER_00: But um if if we know that our viewers are nationwide, worldwide, because you guys do comment and you're you come in from everywhere.
• 18:58
  SPEAKER_00: But if you if you have one that you don't want and you kind of want to kick the tires and give us a number or partner with us somehow.
• 19:07
  SPEAKER_00: Or even a commercial building that can be a laundromat.
• 19:12
  SPEAKER_00: Or or maybe a commercial, a small strip center that has one in it would probably be best.
• 19:16
  SPEAKER_00: And so, because some cities, like in the city of Long Beach, someone could look at this and say, well, why don't you just go buy any building?
• 19:23
  SPEAKER_00: Uh and that could be the case, but in Long Beach specifically, if you buy a building that doesn't have an existing laundromat with an active business license, you have to get uh what's known as the AUP, administrative use permit, time and money.
• 19:35
  SPEAKER_00: Okay.
• 19:36
  SPEAKER_00: This one here was already existing.
• 19:38
  SPEAKER_00: We were able to renew the license, pull the permits quickly, and kind of get the ball rolling.
• 19:42
  SPEAKER_00: And so again, to what Jack said, if you're looking at this and you're like, wait, this is way too much work.
• 19:47
  SPEAKER_00: Yeah.
• 19:48
  SPEAKER_00: This is what the route that we took.
• 19:50
  SPEAKER_00: Well, this is the route that we had to take, but in the future, we might just buy one that's already existing as a business.
• 19:57
  SPEAKER_00: Um, we like the idea of controlling the real estate because we know that it's a big portion of the expenses, uh, but we're we're kind of open to everything.
• 20:06
  SPEAKER_00: And here's the thing with us, now we're we're vested into learning everything about laundromats.
• 20:11
  SPEAKER_00: And so because this is our first one, we hope it's not the last one.
• 20:14
  SPEAKER_00: And yeah, and we hope that we could kind of expand and continue learning and and just kind of showing you that that with real estate, you know, that there's different, there's different avenues.
• 20:22
  SPEAKER_00: You know, we've we've talked about self-storage, we've talked about commercial, we've talked about SBA loans in terms of buying uh your own your own real estate uh for your business.
• 20:32
  SPEAKER_00: Of course, multifamily is the thing that we target the most.
• 20:34
  SPEAKER_01: I'm a hotel owner myself.
• 20:36
  SPEAKER_01: So if you guys, you know, have anything, just give us a call.
• 20:38
  SPEAKER_01: If you want to know anything about either any of these asset classes or have something that you need to sell or inherited that you don't want to handle anymore, give us a call.
• 20:48
  SPEAKER_01: We can have a strategy session and figure out what's the best route for you guys to move for the next one.
• 20:55
  SPEAKER_00: Leave us a comment below if you think we're crazy and if we're completely bit off more than we could chew, let us know.
• 21:00
  SPEAKER_00: It's okay.
• 21:01
  SPEAKER_00: Uh, I know to some people when when they see this, they they can't see the finish line.
• 21:06
  SPEAKER_00: Luckily, um both Jack and I independently have a lot of construction uh experience and we've done a lot of remodels.
• 21:13
  SPEAKER_00: We've built from the ground up.
• 21:15
  SPEAKER_00: Jack's built brand new ADUs and he's been successful in it.
• 21:18
  SPEAKER_00: So um, although right now it looks like it's in rough shape and we're never going to get out of this hole that we're in.
• 21:24
  SPEAKER_00: Um, our next video will be a better update.
• 21:28
  SPEAKER_00: Hopefully, it looks much nicer.
• 21:29
  SPEAKER_00: Continue to watching, supporting us.
• 21:31
  SPEAKER_00: We appreciate it.
• 21:32
  SPEAKER_00: Until next time.