Laundromat Ownership: Is This Passive Business For You?
How to Buy a Laundromat - Or Other Passive Business
The mortgage broker who pivots to create different streams of income! Jud Holmes, an established mortgage broker, saw a downturn coming and sought to purchase a coinless laundromat for more passive income.
He takes us through his eye-opening experience of researching, purchasing and his first year running his coinless laundromat. From searching bizbuysell.com to discovering the profitability of laundromats, Jud discusses the different kinds of business structures, what to look for when reviewing a business and how they can fit your lifestyle.
Is this income stream for you? We discuss:
The SBA loan process
The role of systems in managing a business efficiently
How the business operates on a day-to-day basis.
With less than 10 hours a week of management, Jud's laundromat venture offers somewhat passive income and a cushion to the slow periods in his primary mortgage business.
We also talk about how Jud maintains a work-life balance, his plans for expansion, and why adding a laundromat to your investment portfolio might be a way to recession-proof your portfolio.
Key Takeaways:
Items to look for when reviewing a purchase of a coinless laundromat.
Surprise issues that came up after purchasing the laundromat.
How much time the day-to-day operations take, along with ways he’s streamlined the process.
Mental hurdles Jud went through before and after purchasing the laundromat.
Links:
Time Stamps
00:32 Deep Dive into FDIC and Banking Safety
02:57 Understanding the FDIC's Role and Banking Regulations
10:06 Exploring the Process of Starting a Bank
14:15 Maximizing Deposit Insurance: Tips and Tools
20:51 The Complex World of Banking and Interest Rates
31:24 Closing Thoughts and Diversification Advice
Disclaimer: The information provided in this podcast is for general informational purposes only and should not be construed as professional financial advice. Always consult with a qualified financial advisor or professional before making any financial decisions. The hosts and guests of this podcast are not responsible for any actions taken based on the information presented.