How Laundromats Can Make You Wealthy
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- čas přidán 21. 07. 2024
- There are three main things the wealthy use to get rich and stay rich. We all this the Wealth Tripod. In this episode of the Laundromat Resource Podcast we'll reveal these three avenues to wealth and show you how laundromats can get you all three! This episode is a must-watch!
I own a laundromat and have laundry contracts with some lodging places. I had to sink a bunch of money into new machines. Everything still cash flows. I’m still working a day job. Hopefully for not too much longer. I’m buying rental property with the profits from the laundromat. Building my empire.
Nice Bob! Glad everything is cash flowing! You'll have to come on the podcast and tell us about your experience!
Why do rental property? Why not expand laundromat business
I’m thinking I can do a 1031 exchange buy a building, find a partner who will buy the machines. Still researching
Fantastic job explaining how to build wealth Jordan! Very well done.
For those of you that didn't process all of this, watch it again and again. It's all right there for you to build wealth. Just go do it 🎉
Thanks! I appreciate that! Wealth is there for people to grab if they want it. Love your content, too!
Hey! Do you invest exclusively in laundromats or other business types too? What do you think of gas stations? When did you start and how long have you been working? What did you do with your time before investing in laundromats?
I want to start with my first Laundromat! ⭐
I'm not sure if any of this applies owning a laundromat but... I used to be an independent trucker, hired an accountant to handle my taxes. At the end of the 1st quarter he sent me tax forms to sign and send back saying I owed the IRS X$ for the quarter, the bill was more than the amount of cash I brought in after my expenses. I told him to go fly a kite and send me back all my receipts. Then I started doing some research on the tax codes and found something interesting, if you are doing business (keep in mind this was early 2000's until I retired in 2016), you do NOT have to file quarterly taxes as lot's of people assume and accountant's want you to believe, that's how an account make's his money. I just filed a regular joint tax return with my wife and claimed every tax exemption I could. Not only did I not owe .01 in tax, my write offs lowered my wife's income as well and we got huge tax returns. Federal tax law's might have changed since then and each State may have different tax law's than mine, I live in Wi., so do your homework. If you incorporate your business, that might change thing's also. Once you pay that quarterly tax the 1st time, you have to keep doing it, you can't switch back to waiting till the end of the year, it's a GOTCHA thing, so you need to know this from the start. Like I said earlier- DO YOUR HOMEWORK FIRST!
Awesome input! That accountant sounds shady! Glad you were able to figure out a much better solution. Good advise to look into it first!
Such valuable information,thank you!
Sofia Trevino no problem!
One way to avoid having such a long period of working for the government at the beginning of the year is to follow the Profit First principles.
Great book!
This is such helpful information. I have an opportunity to buy a laundromat as well as the building it’s in. Trying to decide if it’s a good option.
I wish you had more exposure your advice is top tier! Thank you
Thank you! I really appreciate that!
How many laundromats do you have and how long did it take to start making enough to cover your previous income/ job before you could leave that behind?
marty stalvey I own 2 here in Los Angeles. It took me longer than it should have to replace my income because I made some very expensive mistakes early on. It's why I'm making these videos and have our website, so other people can reach that financial freedom much quicker than me!
Amazing! Thanks for the explanation!!
Thanks Raza!
Really great information! I am now subscriber. Can I please ask that you do some sort of sound leveling on your videos? Your introductions are about 3 to 4 times louder and kill our eardrums in between videos because then your voice is much lower volume. There should be a setting on your editing software for sound leveling
Will do1 This is one of my early videos, sorry. I level them all now but I can't go back and replace the audio on the older ones unfortunately. Sorry. But thanks for letting me know!
What are any possible drawbacks or surprises that may pop up
10k a month is life changing for us
Excellent business overview video
Thanks! I appreciate that.
It Really Gets Me Excited ⁉️⁉️⁉️
These videos are awesome! I have some equity in my fourplex that needs a home and I am SO excited to start the hunt for a laundromat!!
That is awesome!
I would suggest a HELOC instead of a refi. No closing costs and you may wind up with a higher rate on your new mortgage.
Yeah, in this current environment a HELOC might make more sense for most people. When I filmed it the mortgage rates were still dropping so it was a no-brainer to refi. Not so much anymore
"I'm so sorry for doing that to you." LOL!!!
Great video
You crack me up when you said 55,000 times 4 I didn't do that maths before Time OMG I am cracking up in my pants.
I want to hear about laundromat… but got earful of real estate
The 30% income tax bracket but wasn’t very accurate. You’re not paying 30k off 100.
Thank you. Looking for a Loan Company that will help fund me for a commercial property and start my own laundromat.
Check with Eastern Funding and Prime Capital 💪🏼
Jordan’s unite! Lol
music is too loud , the link -for-sale , went to alliance laundry machines , not a list of for sale shops
Yeah, sorry about the music. This is one of my first videos a while back. And sorry about the link. It was not my website. Apparently they stopped keeping it up. Bizbuysell.com and bizben.com both have laundromats for sale
@@LaundromatResource Thank You.
i want 10K a week
Really don’t like this 9yr old soundtrack- excellent knowledge though.
Fair enough haha. We’re not using that music anymore. Appreciate the feedback and complement
bs
Lol