New York Hard Money Deal - Close

650

2 deals

New York

Looking to purchase profitable laundromat from a motivated seller. The asking price has been reduced to $295K, with the seller carrying $90K, lease on the equipment. I'm currently raising $250K; $205K for the acquisition of the company and $45K working capital. The laundromat is high cash flowing netting $10K month after rent and other expenses; and has potential for even more growth with a few cost effective tactics, such as opening 7 days a week, reducing payroll costs etc. I currently own two homes, one of which with a section 8 tenant who does not intend to move. The other I bought January 2019 both market valued at $250K. I'm willing to collateralize these homes as well as put down $30K.

The owner is in distress due to COVID 19 stressors and has decreased store hours , however I intend to open back up to a full fledged 7 days a weeks to increase revenue , along with other low costs, marketing strategies to increase sales. The potential here is amazing with an involved manager that I intend to be. I recently retired after 7 year in the navy as a ships servicemen.