As you know, we're growing our real estate investments, but right now we're supporting them, not the other way around! We'd like to own a business, so that Chris can run it, rather than working for someone else. Tonight, we have a meeting with the owner of a laundrymat. He is retiring and has built a very nice business that he is now selling. We have the prospectus, with all the financials, but it will be a matter of all the numbers working and being able to come up with about $70,000 down.
A laundrymat, you might ask?! Well, it makes sense in a few ways. It's a cash business, which is a good thing. It's not so quarter-intensive anymore (have you been in a laundrymat recently?), because they have a card system that allows people to add money to a card and then swipe it in the machines. It deducts the cost from the card, and then they can fill the card again when they need to. It also is appealing because it's self-serve. You can manage it without having to be there all the time. You can be creative with additional ways to increase income--for example, adding videogames, snack machines, soap vending machines, wash & fold service, etc. So, you can spend as much or as little time running the business as you'd like. Obviously, the more time and effort you put into it, the better off it will be financially. But, in the beginning, if Chris can't quit his job right away, then we'll still be able to run it until it makes enough money to replace Chris's salary.
I'll let you know how it goes! j&c
No comments:
Post a Comment