Laundromats

[tatertot]

My father owned coin laundries and made good money. But that was decades ago when people were more honest and there were fewer violent dopers.

You’ve just pointed out one down side: the local customers will move to whatever new laundry comes into the area. So the one you are looking at is new, and it will collect the customers, only to lose them if another new laundry moves in, or an old one is completely renovated.

The customers are real pigs, spilling soap and soda all over the place and not cleaning up. So someone has to be there to clean almost constantly. No one wants to wash their clothes in a dirty place. If yours is dirty, they go elsewhere.

Vandalizism is a problem. Dopers and school kids and the homeless hang out because it is free and warm. Machines get broken into.

Clients abuse the machines, so they break down frequently. Why pay for 4 loads, when you can cram all your clothes into one machine?

Your employees will quickly figure out that they can claim to be there and you won’t know that they have left. Your employees will steal from you. You don’t allow them to handle money, but they steal soap, paper towels, toilet paper, cleaning supplies.

I’m not saying it’s a bad idea. Just as long as you understand it is not easy money for doing nothing. It’s a full time job of 16 hours or more per day. Someone has to open and lock up. You can’t leave it open all night, and someone has to be there while it is open.

[Bluemoon06]

@NJbird_dog post:17

I think Kiyosaki’s books are great. Most people who are business-minded already have an understanding of his basic principles, but I’ve seen non-business minded people get very motivated through his books. Taking action is a different story, but the food for thought is a great first step.

Bluemoon, to add to your point, you mentioned his meaning of the word asset. I grew up in rentals and we all had this idea that owning a house is the path to wealth. There was always this clutter that if you own a house, then that house has $$worth and you automatically have $$worth. So the mindset would be to get a house even if you can JUST afford it, because it would mean that you have more money. This obviously isn’t true b/c it doesn’t account for the increase in everyday house expenses that you won’t find in apartments. And I think Kiyosaki is a genius for recognizing this mindset amongst the population that most of his books target, so he recommends increasing your income rather than going after non-income producing assets (aka liabilities).

The only return a house can bring is through appreciation, tax deductions, or EVENTUAL expected appreciation. But it requires constant upkeep and costs that make it a liability.

I moved into a house about a year ago after being in an apartment my whole life and it’s MUCH different. An apartment literally has no upkeep. Nothing besides changing light bulbs, quick cleaning, or the occasional clogged drain. But my house…lawn maintenance, cleaning, minor fixers around the house, renovation, wear/tear, etc. and it can really add up for someone who’s on a fixed/tight income.

Great points