newbie in need

[Marcus2c]

Hi,

I am interested in buying a Laundromat in California/Nevada( will travel for right location) and I am really excited about the business. I see that the sale prices of Laundromats usually run in the hundreds of thousands of dollars from business brokers.

I want to know how feasible is it to buy a Laundromat with my budget. I probably have about $300,000 in equity and $80,000 cash in hand. I would like to use only my CIH and make the rest up through financing. Is a business brokers a good resource to find a mat? And, if not how do I find a mat for sale and are my finances adequate? I really would like to get into the business can someone please help me, Any input would be greatly appreciated. if anyone knows of a mat for sale in CA/NV please inform.

[millenniumplus]

A biz brokers is "a" source for purchasing a mat - you'd being paying a middle-person, yes. There
are laundromats for sale by owner on the net and then various dryclean and laundromat journals
and newpaper. 80Gs cash in hand being enough would depend on the overall size of the loan.
Loan companies may want minimum 20% down. So a small mat perhaps 80Gs would be enough.
For a moderate or large mat you will need more than 80Gs. Be prepared to go into your 300G
equity in any case. There are additional costs besides "the loan" when purchasing a laundromat
that is well documented in previous posts where the question is asked, "do I have enough money".
Finding a mat for sale in CA/NV - here is a nice place to start. Good luck.

[neal]

I have been looking for a coin laundry in Nevada and dident have any luck. Most were overpriced or junk. Hope you have more luck then I did.