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Owned a Laundromat for a Year (Does it Make Any Money?) Pt. 1

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Anyone notice the people walking a chicken in a leash out the front door at around the 6:25 mark?!
Comment from : @markwallen2218

Its always the right sock that goes missing 😅
Comment from : @BrianMartin

Change sock rack name look for my lost soul mate
Comment from : @davepetro5676

"After a month of these random socks hanging up, I give them to charity!"brbrI'm sure they love it when he walks in with his box of random socks, with a smile on his face that implies he's proud of giving back to society
Comment from : @sarahjrandomnumbers

That's one of BEST! layouts I've ever seen for a Laundromat 👏🏾👏🏾👏🏾 it's has an outstanding contemporary design and it's very clean which in all lends high comfortability, especially if the staff is professional By the way, I think that choice of wood trim with the stainless steel washers and dryers are top-notch 👍🏾 they pair very well together, they even chose leather seating to accommodate the customers and leather is much easier to clean versus other fabrics Good job to those guys
Comment from : @MelodicalJazzyphile723

Did i miss the rent or property mortgage cost??
Comment from : @ssj4naka

I own 2 laundromats in low income areas I work about 25 hours a week and gross about 240K a year whilst working with an advisor like Julianne Iwersen Niemann I used to work in Sears repairs,, so I saved money by fixing my own machines Believe it or not, the soap detergent vending machines bring in a good amount as well Trust me starting and maintaining a profitable business starts with properly managing your finance
Comment from : @KentBrono

What's the difference between franchise and operator your own
Comment from : @sherlinahill987

Are u franchise
Comment from : @sherlinahill987

Why not card machines
Comment from : @sherlinahill987

Y'all are horrible at video production Just get to the fucking point
Comment from : @namecantbeblankbitches

The ATM should be at the Back of the store They are just asking for a stolen truck/suv to be rammed thru the front glass and the ATM yanked from the floor with chains
Comment from : @AscDrew

So you run all of those dryers and washers and air conditioning and your light bill is only $400😂
Comment from : @wjmcleanslate1

We donate the socks to charity after a month im sure there really appreciated 😂😂
Comment from : @alldayubum

I Don`t have a situation for them I think they are doing great I open a wash and fold from my home 2 months ago so far I had 3 customer since I opened I don`t what I am doing wrong but hey I am happy for you God Bless
Comment from : @AliceVasquez-w6g

What kind of machine and setup you got? Possible to share some info there?
Comment from : @viraj1981deshpande

Oh no Mike, you really need to be introducing yourself as Michael
Comment from : @gsau3000

Those bar stools look painful to sit on I'd replace them with much more comfortable (yet durable) seats! Socks on the wall are a cute and funny but repulsive visual
Comment from : @TaskSwitcherify

True
Comment from : @Laundromattips

So, you donate one, used, unclaimed sock to charity? What are they supposed to do with that? Make hand puppets?
Comment from : @leeadams996

I'M gonna say thank you for share awith us the idea i'm very interestet about busniss laudry can you help me please
Comment from : @bendji4731

Anyone selling a laundromat in Toronto area
Comment from : @chandgari

i love the motivation very helpful sir
Comment from : @krystlerobinson-nn9ef

Well, as we ALL KNOW from many TV series and movies, laundromats and car washes are great for "laundering" money Restaurants too Why do you think so many small Italian restaurants exist that don't ever seem to have customers?
Comment from : @gandalfgreyhame3425

Great Video! Thank you 🔥👏💪🫶
Comment from : @cheliospanama9786

Justin, a heartfelt thank you for your service to our country! 🇺🇸❤️
Comment from : @SUSIEB0812

Are your customers folks without washer/dryer at home?
Comment from : @Fefon22

Better Call Saul!
Comment from : @Sourpusscandy

Thank you for your video I want to open one too, but I need your help please, to teach me how
Comment from : @aiviedenival3661

I believe Justin and Mike’s vision is an excellent way to hire a manager who shares their vision and operates the business as they would if not more efficiently than both of them It’s time for Justin and Mike to hire a manager who can make all employee schedules and arrange for duties to be completed as needed They only need to check in to make decisions on upgrade, changes, and or renovation to improve their business model
Comment from : @ndaban50

Mike ox
Comment from : @jessegauss9557

mike cox
Comment from : @milaguijr100

My fovourite places to hung out and steal panties
Comment from : @TMclovio

thats the cleanest laundromat i have ever seen
Comment from : @amirla84

Are laundromat positioned in mid to higher than average income ( high disposable income) areas worth while? I’m thinking that those families tend to be time poor and can provide a weekly door to door service
Comment from : @xsaviour755

Monthly gas bills can indicate average gross income This business has a monthly gas bill of $1500, I would definitely say its gross monthly income is around $18k - $23k per month (from the machines”)
Comment from : @lacvietng3208

Most are closed down in london due to high rates Those that do run don't much much profit high electricity costs Others are just vandalised most people have their own these days
Comment from : @robwaters995

He over paid 😂 get used machines
Comment from : @GothBatty

I went in one and spent 9 dollars to wash a single load and like a dollar to dry it lol
Comment from : @BigM0neyHustla

UTILITIES are a killer
Comment from : @slash6969

Please tell me I’m not the only one that caught the “Mike Cox” who couldn’t make it to the interview joke in the beginning of the video 😂😂
Comment from : @MRJKeyes

Year old appliances , Maintenance and repair Average cost to repair per unit 1000 and $1500
Comment from : @Grandpa-fun

Always great content! Thanks Leo!
Comment from : @rachellira9089

You have earned my subscription sir at 13:35 when you close the door and turn off the lights while the owner was still going through his interview This level of respect and courtesy is often missed Thank you for the video!
Comment from : @BrotherSeoul

50 to 60 PROFIT…damn
Comment from : @FrankWaltersLovestoteach

wow, different culture In the whole city of Stockholm, Sweden (more than 1 million people)there is only one Laundromat
Comment from : @pontusschroder8361

But if he financed the purchase his roi would of been insane !
Comment from : @Rightopinionhaver

“Owned” Is the operative word
Comment from : @teeheeteeheeish

Got one thing to say about laundromats High maintenance cost Every laundromat I ever went to before I got my own washer/dryer, always had about half their washers and dryers broke down😮
Comment from : @byron2521

many are money laundering operations
Comment from : @tabo01

So you have a 50 margin without your salary?
Comment from : @VRM983

No
Comment from : @iancampbell3202

They need bigger washers and they need them to use full tubs of water to get the clothes properly cleaned and rinsed The low water set ups are no good
Comment from : @blueberrypitbull87

50-60? wow those are great margins!
Comment from : @zoomdoof6107

Laundromats make money for sure No doubt ROI is the best brbrBut the serious question is about how the owners become vulnerable to the landlord when he becomes greedy to sell the plaza Our fixed asset costs, installation charges, are so high making it very difficult to relocate brThese days, it’s so common for the landlord to bend the lease to his advantage to boot the laundromat from the plaza, so that he makes quick money
Comment from : @willyfrancis4234

Mike Cox is a legend
Comment from : @Plumbbrookpines

Doing a delivery wash & fold is labor and time intensive, my guess it makes sense if you are in an affluent area
Comment from : @Beachdudeca

this is just cut and paste from your other video ripoff!!
Comment from : @danf4447

Yeah we all have 500k for a laundry business its great business but without capital its just a dream
Comment from : @truckerownerops

Isn't laundromat only in the states? I see I europe everyone has their own washing machine
Comment from : @Leaf219

Mike Cox??? 😂😂
Comment from : @mrthiccums8077

Can there be a way that your clothes are locked in the machine in a new person has a new password to get the clothes out so no theft occurs
Comment from : @anthonysmith4179

All Stores Please Lower the price of all Military and Local for all Brands of Laundry Mat Products and Accessories and Production Cost Now That's too much $$ The Whole World Now 🙏🙏🙏
Comment from : @deannaspencer8988

the shou sugi ban wood is a nice touch!
Comment from : @bandhuji8543

They hardley exist in the UK A lot have closed I have one near me But still prefer a having my own washing machine
Comment from : @hybridangel3403

I like this guy, it’s clear he cares about his customers convenience and having a great experience, I wish him well
Comment from : @MatthewSheaSullivan

Maybe for me
Comment from : @abdulblessinger6659

50 profit margins? Time to start burning down some laundry mats
Comment from : @donaldgrinker6917

The Cameraman is giving me an headache
Comment from : @allenlimson2583

Meth lab underground?
Comment from : @thatsnice99

What about the expenses associated to the upkeep and maintenance of the actual machines?
Comment from : @robotgrass

This year seems slow , especially financially 😔 I feel like inflation is affecting majority of us God will help us 🙏
Comment from : @Deanswain19

And if you are partnered with a cartel you can pretend to be successful
Comment from : @kennethpeterson4068

So, they sunk 700k into the laundromat and became profitable in under a year? Not bad
Comment from : @Geminias

This is quite valuable info, thank you! Looking around for something to take on, this looks interestingbrbrI'd offer a comment - when you're branding UpFlip, you would look much better in a polo-style shirt that has a collar, and the logo on the front and/or rear of the shirtbrAnd please don't take this wrong, it's fix-able In the black 'trenchcoat-looking garb and t-shirt (with the unsee-able UpFlip branding) you look like a homeless personbrbrHave I seen a lot of homeless people? Yes I have I spent most of my life in the San Francisco Bay Area brbrIf it's cool outside, you can wear a heavy full-sleeve sweat shirt with UpFlip branding on it and a dress shirt with a collar underneath for a very casual presentation, or switch to 'business casual' or suit and tiebrbrI have an MBA from UC Berkeley In one of our "Organizational Behavior" courses in grad school, we studied how appearance affects business results of individuals When you're presenting, you cannot go too far to present a pro appearance In a business setting, suit and tie In a 'business casual' setting, more options The trench coat with turned-up collar and t-shirt underneath, my goodness, I would have talked you out of that if we were about to make a team pitching presentation to prospective customers Please don't take this hard, it's meant to help brbrI think most people would be fairly surprised to learn the affects of physical appearance on business outcomes I turned a page after that OB course and it really helpedbrThanks for the great video! Cheers
Comment from : @Greg_Chase

Just the furniture in this place costs more than the entire laundromat at the end of my street Apps, digital, rewards? You're lucky to find something that actually works half the time
Comment from : @Alcoholic_Nerd

None of these people start business from scratch
Comment from : @ZeroCtr1

Those speed queen machines break easy
Comment from : @ZeroCtr1

700k?
Comment from : @mimim8532

It's interesting he mentioned they wanted to be located near other businesses so that people can run errands Most laundromats I've seen over the years have signs that you can't leave Cause the longer you leave a load in a machine, the less money it's making and the more annoying it is to other patrons
Comment from : @smc1377

That laundromat looks nice and clean Not all laudromat's are clean I like the idea of the app
Comment from : @karenolson4000

I have heard too many partner story horror stories I was involved in a business with a high school friend I was serious about the business He was the money man But he just wanted to "F" off all the time so I left He got a few other people to help him and the business died So I get it
Comment from : @danklein8587