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How to buy a laundromat
Short answer
To buy a laundromat, check three things before price: a long lease with renewal options, the age and count of the washers and dryers, and revenue backed by water and utility bills, because water use tracks how many loads are run. Then confirm what the owner actually does each week, budget for machine replacement, and line up SBA or seller financing.
How to, at a glance
- Check the lease outlasts your loan, with renewal options
- Compare revenue to water and utility bills
- List every machine's age and budget for replacements
- Find out what the owner does each week
- Line up SBA or seller financing
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Browse by state, get deal alerts Sign once and see the dealsQuestions buyers ask
- Is a laundromat a good first business?
- It can be, because demand is steady and there is little inventory. The work is in maintenance, cleanliness and service. A laundromat bought with tired machines and a short lease is a hard first business.
- How do I verify revenue in a cash business?
- Compare reported revenue to water bills over the same months, check card payment reports, and match deposits to bank statements. Only count income a lender will count.
- Should I buy the building too?
- If you can, owning removes lease risk. It raises the cash and loan needed, and SBA real estate terms run longer than business terms.
1. The lease comes first
Most laundromats lease their space. A laundromat with a short lease and no renewal option can lose its location, and the machines are expensive to move. Look for enough years remaining, plus options, to outlast your loan. Read the rent increases and whether the landlord must approve a new owner.
2. Check revenue against the utilities
- Ask for twelve to twenty four months of water, gas and electric bills.
- Water use rises and falls with loads washed. Revenue that climbs while water use stays flat needs an explanation.
- Card and app payment systems leave a clean record. Coin only stores need more checking.
- Separate self service revenue from wash and fold, pickup and delivery, and vending.
3. Know the machines
- Get a list of every washer and dryer with make, size and year.
- Older machines mean higher repair costs and a replacement bill sooner. Price that into your offer.
- Ask about water heaters, the boiler, and venting. They are expensive surprises.
4. What the owner really does
Laundromats are often sold as easy to run. Find out who opens, cleans, collects, fixes machines and answers the phone. If you will not do it, budget for staff.
5. Financing
Laundromats are commonly bought with SBA 7(a) loans, often with part of the price carried by the seller. See SBA loans to buy a business and seller financing.
Looking for a laundromat to buy?
Sign one confidentiality agreement online, then see the laundromats and other businesses on the Optimax board, including owner direct deals.
See laundromats for sale Call 701 504 8429Sign once. Ayo works with you directly.