 Coin Op Laundry Worth it? (by Randal [PA]) Dec 4, 2018 2:43 PM
 Coin Op Laundry Worth it? (by NE [PA]) Dec 4, 2018 2:58 PM
Coin Op Laundry Worth it? (by Kim [TX]) Dec 4, 2018 3:38 PM
Coin Op Laundry Worth it? (by Robert J [CA]) Dec 4, 2018 5:11 PM
Coin Op Laundry Worth it? (by AllyM [NJ]) Dec 4, 2018 5:39 PM
Coin Op Laundry Worth it? (by WL [CA]) Dec 5, 2018 1:52 AM
Coin Op Laundry Worth it? (by nhsailmaker [NH]) Dec 5, 2018 5:57 AM
Coin Op Laundry Worth it? (by Nellie [ME]) Dec 5, 2018 6:13 AM
Coin Op Laundry Worth it? (by WL [CA]) Dec 5, 2018 7:49 PM
Coin Op Laundry Worth it? (by elliot [RI]) Dec 6, 2018 3:27 AM
Coin Op Laundry Worth it? (by Steve [MA]) Dec 6, 2018 4:10 AM
Coin Op Laundry Worth it? (by TonyT [PA]) Dec 6, 2018 1:51 PM
Coin Op Laundry Worth it? (by Ray-N-Pa [PA]) Dec 7, 2018 7:11 PM
Coin Op Laundry Worth it? (by Randal [PA]) Posted on: Dec 4, 2018 2:43 PM
Message:
I'm rehabbing a 3 unit (1 unit per floor) in a nice town. I'm a long time landlord and I plan to hold it.
The units are fairly nice and I think it's worth adding laundry. It will be a challenge to plumb and vent all 3 units and it works logistically to put a coin op in the basement.
For those who have had coin-ops (or have opinions) is this a good strategy? Will it likely be a net profit, break even or a possible loss? Any national or Phila region firms anyone can recommend for service?
Thanks so much. This site is invaluable!!! --98.114.xxx.xxx |
Coin Op Laundry Worth it? (by NE [PA]) Posted on: Dec 4, 2018 2:58 PM
Message:
I have one in a duplex, 3 unit and 6 unit. My tenants use it vs driving 10 -15 minutes to the laundromat and sitting there for a few hours. I set the charge at $2 per and don't care if they use it or not. Pure convenience. I pull $150-$200 out of the 3 unit and 6 unit machines. Less of course out of the duplex.
There is a guy in wilkes-barre who repairs and sells commercial machines. I can't remember the name of his business but I'm sure you can find it. He saves the old units out of commercial laundromats and high rises, etc., and sells them to folks like us and uses them for parts. $700 a pair. You'll have to do a google search of laundry suppliers in that area. --174.201.xx.x |
Coin Op Laundry Worth it? (by Kim [TX]) Posted on: Dec 4, 2018 3:38 PM
Message:
We leased one washer and one dryer from Coinmach out of New York (local offices).
It ran about $35 per month, and their repair/maintenance service was good (and included in price). I thought it was well worth it. --23.30.xx.xxx |
Coin Op Laundry Worth it? (by Robert J [CA]) Posted on: Dec 4, 2018 5:11 PM
Message:
I am a long term landlord, contractor and licensed plumbing contractor. It is NEVER a good idea to put a laundry room in a basement where tenants have to carry up and down steps their laundry. One hand on the laundry basket and the soap or cellphone in the other hand, they will never use the railing. I've seen too many falls, broken legs, ankles and feet.
Instead I would add a shed to the exterior of the building and run the gas, water, drain and power to the shed. A strong shed with a locking door.
Yes this will cost money but it will attract a better renting pool. And if the washing machine over fills and floods out, it is already outside and can't do too much damage. --47.156.xx.xx |
Coin Op Laundry Worth it? (by AllyM [NJ]) Posted on: Dec 4, 2018 5:39 PM
Message:
Yes and yes. The profit comes from your ability to keep raising the rents over time. Laundry is critical to higher rents. I would not put them in the units. Too much chance of damage from spillovers. I had one between two adjacent four units. That one made money. I had one between three adjacent duplexes. That one paid for itself but didn't make money. I enjoyed going to get the quarters. I eventually sold the two fourplexes and the laundry room was a plus. I also sold two of the duplexes to separate folks but the laundry room in the one was a plus. Coin ops were easy to use larger Maytag machines. It's the perfect solution. I didn't overdue the charges as they already were paying rent and I didn't want tenants to over load the washers to get their money's worth. --73.248.xxx.xxx |
Coin Op Laundry Worth it? (by WL [CA]) Posted on: Dec 5, 2018 1:52 AM
Message:
Have a tenant now with a kid. Washing machine has gone out and she is already talking about moving out. Does not like to drive to a laundrymat to do the diapers, is my guess, so time to buy another. --201.140.xxx.xx |
Coin Op Laundry Worth it? (by nhsailmaker [NH]) Posted on: Dec 5, 2018 5:57 AM
Message:
We can send people to the moon, we now have dick tracy watch phones, we have self driving cars today
Dont tell us you can't put individual laundry in each unit
There is noting, absolute nothing that cant be done.
While renovating you have a once in a lifetime OPPORTUNITY to do this right and put in a small space for an upright W/D --73.182.xxx.xxx |
Coin Op Laundry Worth it? (by Nellie [ME]) Posted on: Dec 5, 2018 6:13 AM
Message:
I have a washer and dryer in every unit and feel that it pays me back in quick turnovers. It is a valuable perk! --64.222.xxx.xxx |
Coin Op Laundry Worth it? (by WL [CA]) Posted on: Dec 5, 2018 7:49 PM
Message:
Problem is that washers have the risk of flooding when a hose cracks and the LL is stuck with the water bill for the washes. Had one tenant turn his washing machine into the neighborhood laundromat - water bill for me went through the roof. Solution: coin washer - now the LL gets the profit, not the tenant, unless you allow tenants to have their own washer on your water meter. --174.65.xx.xx |
Coin Op Laundry Worth it? (by elliot [RI]) Posted on: Dec 6, 2018 3:27 AM
Message:
Unless your units are in good neighborhood, either put the hookup in the unit or don't do it.. I started putting coin ops in bunch small duplex/apt many years ago, then the hassle of collecting coins, clean the laundry rooms, plus vandalism is not just not worth my time.
If anyone needs couple sets coin op, I still have 2 sets in my storage room.. (between northen CT and southern MA) --71.232.xxx.xxx |
Coin Op Laundry Worth it? (by Steve [MA]) Posted on: Dec 6, 2018 4:10 AM
Message:
Since I don't allow Ws&Ds in the units I put at least 2 coin ops in the basement for my tenants to use. I found that unless I put at least 2 Ws & 2 Ds my tenants will go to a Laundromat. So far other than people not cleaning the lint screens, I've had very little issues with them.
I prefer to use a small electric water heater & electric dryers all of which are run off the house meter. I find that the payback period for the machines, water heater & installation is 18-30 months. --96.237.xx.xx |
Coin Op Laundry Worth it? (by TonyT [PA]) Posted on: Dec 6, 2018 1:51 PM
Message:
The convenience of having a W/D in the unit itself far outweighs anything else for tenants.
A tenant can throw their stuff into the washer and leave and do other things, or doesn't even need to wear clothes while doing laundry.
Tenants will always choose YOUR unit with laundry over another unit without if all other things are basically equal. --73.52.xx.xxx |
Coin Op Laundry Worth it? (by Ray-N-Pa [PA]) Posted on: Dec 7, 2018 7:11 PM
Message:
I was told that typically you are suppose to have one commercial washer and one drier for every five units that you have. So with on three units, it will not perform as well it should.
Are these upper end units? Laundry is expected on those....but if you have a solid mid grade place, why not offer RTO washer and drier and include it in your rent? Real property goes up in value......appliances do not and do you really want a bunch of used appliances in a B property?
Just an idea --72.23.xxx.xx |
Reply:
|
|