Want to buy existing laundromat but worried

[jeffros]

I am in the process of looking for an existing laundromat in suffolk county but I am concerned about why they might be selling it. I am worried that if I buy a laundromat and then a larger super mega store gets built across the street or down the road. I almost made an offer on one, it looked good, the machines looked good, (around 1500 sq ft) and everytime I passed it there were a few people in there doing laundry. But then I noticed right across the street, a brand new 200+ machine store coming soon, (probably around 4-5000 sq ft). That is one of my only concerns. Do I have any protection against this, or some kind of clause in the contract or something. If anyone can please let me know. You can also E-mail me at buymort@optonline.net.

[Burley]

There are no guarantees.......I guess you could ask to have some clause added to the contract........but who is going to agree to that. YOu could ask the seller for a no compete clause......that might not be a big deal.

[neal]

Just look at it like this. How many more wash and dry customes they need to have to make the rent and loan payments. Its really better not sweating it every month.