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Unless you have people who want money laundered, it is not a money making business. Cash businesses are impossible to assess because all you have are tax returns which obviously are under reported, so you can’t track the income properly before you buy the business. Those businesses are almost always in lower middle class neighborhoods because most of your customers will be living in old buildings with no washer dryers.
Another competitor is the apartment buildings, most of the building owners are putting 2 washers in their basements and making extra cash.
Buy an apartment building instead.
Exactly what KPMG1 said!! And if you want upside of money laundering without money laundering buy art or crypto.
It’s a legit business and does quite well, depending on location, demographics, etc.
I wouldn’t be dissuaded by the naysayers. If you’re interested, also look into franchise models, it easier to get started and there’s some backing of a larger brand to support you as you learn the business.
Businesses like coin operated laundromats and automated parking garages are the best generators of passive income with minimal upkeep. Which is why you won’t see a ton go up for sale. If you do see something up for sale, do you due diligence to make sure there aren’t any major pitfalls, and if there aren’t, then count your lucky stars and buy it. I do agree that the due diligence could be somewhat complicated because of discrepancies between actual revenue and reported revenues. But I also agree that you should ignore the naysayers.
Great cash flow, however, you must be within driving distance to monitor since it is a cash based business. Would not payoff more than 3.5x net income.
Good to have access reliable maintenance person/company.
Think of the business as semi-absentee owner business.