From Homeless to Making Millions With Laundromats
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- čas přidán 15. 05. 2024
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From broke and homeless to multi-millionaire. Today we're talking with Brandon from @InvestmentJoy as he shares how he took $15k upfront, and turned it into more than $10,000,000 with laundromats, car washes and other boring businesses. And he did it all while growing up poor, being evicted twice and working every day of his life.
So you're probably wondering the big question: how?! Most people over-estimate how much these businesses cost, but they're actually pretty reasonable--and profitable. And we're going to break down the math that goes into running a business like this, from water, gas and electric expenses to mortgage and equipment loans.
Next comes the exciting part of a boring business: the profits. It's not just revenue from the laundry machines themselves, but you can rent extra space above the property, install vending machines and offer premium laundry services. Have you acquired or improved a boring business? I want to hear from you, comment below!
Check out Investment Joy Here! @InvestmentJoy
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How much did he spend on renovations and adding newer equipment? Just curious what other costs beside $15k downpayment
Had no clue there was a video about me :D
Thanks! I hope it encourages people and similar points of life like me to do well for themselves and the people around them!
You've got a Pac-man game in your laundromat! Sweet!
@@Iris_Collins It's been good : $800 to buy, made back maybe $1k so far, power needs are next to nothing
Where did you get the t shirt? I loved that lost lamp movie when I was a kid. And the vault with the coin diving.
@@chriss4365 Khols
Will you share the process or resources you recommend to finding businesses for sale? There are a lot of them, but I'd like to know your thoughts.
To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
Impressive can you share more info?
My advisor is ‘’Catherine Morrison Evans’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life
You're absolutely right, to be a successful in life required not only hard work but awareness and sometime opportunity at the moment, investment remains the best way to start.
I agree with you. Investment is the key to sustaining your financial longevity. And not just any investment but an investment with guaranteed return.
@@manuelitale3545yeah investment is the key to sustaining your financial longevity but venturing into any legit investment or business without a proper guidance of an expert can lead to great loss too.
@@bernarddonald8203Exactly and many of us don't know where to invest our money so we invest it on wrong place and to the wrong people
@@agraimentsyahung726 Obviously talking about been successful, I know I am blessed if not I wouldn't have met someone who is as spectacular as Debra Barton
People come here with the aim of chasing money more than knowledge and that will damage your progress, trust me. Chase knowledge first and I promise! The money will follow you just like it's following some of us now
How do I really invest in bitcoin and make huge profits, i'm actually confused here, can someone please help me out
Same here, It's very confusing seeing so many people talk about the profits the make from there investment in bitcoin while I keep dipping from on win to a bigger loss
Typically a financial adviser will just put you into standard/tried and true products that are mostly just index funds and ETFs. This has been a down year to invest. If I were you I'd be investing broadly into the S&P 500 and broader index funds, that way you're instantly diversified and you don't have to worry about it too much. Over time, your investment shall grow, just don't get too focused on the short-
@@vNicoleschmitz That's true most people
today have been having a lot of failures in bitcoin because of poor orientation or bad expert
Bitcoin investment (fx) can be profitable and lucrative when it is approached as a business, but achieving a level of success is extremely difficult and can take a long time. It's a good idea to fine an expert of this form of investment prior to getting started with. As you can see, the market is open and operates 24 hours a day and almost seven days a week
He said "I love Money and I wanna make Money." Damn, I love this statement.
By the way, I really love how you ask questions that we the audience wants answers on.🙂 Thank you!
Yeah but are you willing to pay the price to do it?
YES. ......It's easier said than done right?
woo hoo!
What a poor statement to “love”... For the love of money is the root of all evil...
That love affair with money won’t last long in this life, and all the money in the world can’t be brought with you when you’re gone.
And the fact that one poster here said they’d be willing to do anything for money is crazy to me... How far or what would you really do for money then?
May God touch your life in a way that causes you to turn from this idea and idolatry of money.
Nothing wrong with money and wealth, but to proclaim the love of money is truly the root to evil.
Idolatry is sin. Greed is sin. Selfishness is sin. These are very few things the move of money will lead you towards.
Life is more then just a bank account.
Just remember that God is the one who gives all resources in this life including money. And God is in control.
As quickly as you think you can make obtain it is as quickly as God can take it away.
God over everything!
I mean this message well. Don’t fall for the trap the devil lays out in life.
Everything in this life comes and goes. All ups have its downs. It’s all like the wind.
Like another commentator said, chase knowledge not money.
The Bible teaches to chase knowledge and understanding and you will have wisdom.
Wisdom is where your true wealth comes from.
Don’t love money. One day it will destroy you.
Hi Codie, this really changed my perspective. As a Warren Buffett student, I always felt I have to save money to buy stocks but looking at this, I can actually starting buying physical businesses. I'm shocked I never thought of this. Thank you very much 💕
He's a millionaire and his dress is less than casual and he drives a car less than 12k. This is also helpful as I see a lot of young entrepreneurs saving up for a Lamborghini or Ferrari. Simplicity I think, makes a better businessperson
Don't always agree with your line of thinking Codie, but you're an epic storyteller.
Great video! Thanks
Codie your me when I was younger. Love your energy and your brain. Where were you when I was younger?
Great videos, really quick and engaging. I really enjoyed following along.
You just got a new subscriber! Love it
Wow! Good for him! I love the way you present these stories you're very easy to listen to!
Right. It was inspiring.
I have learned a lot from these videos! I Love the interactive way she presents everything! But laundries in Miami are in the expensive range! But thanks Cody for what you are doing here!
Love this! Codie - can you talk about buying a business that's out of state from where you live? Extra steps and considerations? Living in remote north idaho is putting a big damper on finding my first laundromat acquisition! Thanks!
Good info. The sound biite was clever 😂
$12K for a washer -- that is NUTS!!!!! I bought a top loading laundromat washer and the matching laundromat dryer in 1987 for $1800 (I had to special order it -- my father knew an appliance dealer so that was how I managed to order it). I still use the washer today -- 35 years later, the only maintenance it has had is one new water pump and a few belts. I don't know how I will get parts for it now when something finally does go to hell on it since it is so old and I replace the belts by taking the old one into the local auto parts and matching it up. The dryer worked for about 25 years but it was electric so when I moved into a house that only had a gas connection point for a dryer (28 years ago)I gave it to my brother (who used it for at least 15 years and me for at least six -- I wanted to cry when he said he scrapped it as it was probably repairable) and bought a standard natural gas dryer (household driers tend to last longer than household washers, mine is about 18 years old now and hasn't needed any maintenance whatsoever). My father's friend ordered the laundromat washer/dryer set for me connected so a coin slot isn't required -- some apartment complexes ordered them that way back then for their laundry rooms so the request wasn't anything unusual.
Brandon is such an inspiration!
This is inspiring. We’ve been researching laundromats and this seems like a good option!! Thanks for your content
Lies again? Laundry Operator
Cody, your content is the best here in CZcams. Where do I find this kind of opportunities?.
Did I miss the part where he said how much it cost him to reno the place & put in new machines after he bought it? $15,000 sounds like a great deal but I'm always VERY suspicious of videos that 'conveniently' leave out all the costs. Still, a very good video.
Didn't end up in final cut - $15k down, $25k renos to get off the ground, 100% of that was from a private second carry. That got me 1yr down the road, making some money, then we put a $100k reno loan in and it was next to nothing down.
Going from 16 top loaders to 2 was a great choice
@@InvestmentJoy Thank you for the info Brandon
@@leewinter28 Depends on your area/demographics. I've seen multiple, single-location mats do over a million gross, bottom line revenue of $200k-$300k. Around here, $200k+ is a very elevated lifestyle
@@InvestmentJoy Great video and very inspiring. My question is how did the seller finance work out in your deal? How did you pay the 70k back to the seller? Lastly what would a seller finance deal look like if the Laundromat was being sold for 150,000
Everything comes at a risk. To make a move and buy something, you have to take a loan. And that itself, if your business doesn't go well, can be disastrous as it can set you and your kids into debt. You NEVER mess with banks. IF you have cash, ok, go buy a business. If you don't, go make some first... Just because one man made it, doesn't mean EVERYONE is gonna make it. Far from it.
Codie I love your videos!
Great Video Cody!!
LOVE IT!!! LETS GOOOO!!!!
I love all your content thank you for doing what you do! I am now in negotiations for my first laundry mat all because of you and your content so thank you 🙏🏽! Previous owner did not keep very good books and the play is run down. Definitely opportunities to value add to bring in more revenue. Any specific advice for doing my first laundry mat deal would be much appreciated. Thank you again for being awesome and sharing your knowledge the world needs more of you !
Amazing amazing what are the specifics? Email me admin@contrarianthink.com I’m gonna hook u up with something
I can see your soul thoughts your eyes, and they looked sadness. Wishing you loved. Your an inspiration to many. You have a talent I wish I had. For now; I can say it was incredibly inspired by your accomplishments. May some day we meet, in another life or universe. But today I can only aspire to be like you some day
Very Smart and Honest sounding Guy
This video is inspiring and shows that anyone can be successful if they put their mind to it.
Thanks Cody
Codie question: would you recommend buying businesses in other cities? Great content!
Quick one Codie: can you please talk to what's the typical suburb/area that's best for a laundromat. I live middle class and there's virtually none as there's no demand. Keen to hear your thoughts - muchas gracias.
When I tell people my homelessness to multimillionaire story they always become defensive. Now I just mention the thought of a million dollars (without mentioning my accomplishments) to see who reacts negatively with a small mindset. Then I know who not to waste my time with befriending.
Please share. Always learning.
Congratulations to you.Super proud of you❤❤❤
Stay resilient and optimistic, as great things are on the horizon for you! ❤🙏
Well done Codi good video . Am heading into second small laundry zero purchase . The a car wash zero money put down but will own 20% equity of two million dollar business . Yes spent a lot time searching and listening to podcast for opportunities but not 1 cent of my own money down . Only thing I put money into a unit complex with my wife renovating our selves will turn into be a B&B or long rentals or sell it late 2024 when economy recovers .
Who did you find money from that could be used for a down payment? How did you approach them to ask about it?
@@phuntymes it’s about sweat equity ! On the car was I search for property secured it through heads of terms , which isn’t a legal binding doc , did P&L , branding traffic count everything that goes into a Car Wash to be able to present to investors . Once investors saw the site the business concept and ROI they jumped at it . For my input get 20% of equity and profit in business . I have already have second site on heads of term , so that will complete try up the branding . Basically I did everything and sold the concept ! Laundromat I was given the business because it was run down old equipment the management didn’t want the headaches anymore they even finance the equipment at 10% for 4 years as long as a take full control over it , that fine it’s nearly 100% paid off . Second on going under contract soon . I am not in America . Seriously there are a lot of people out willing to invest in business , especially cash flow business . Who would put all their put thin the Bank. I am returning 65% on the laundromat. Car wash which will be completed in August will be about 35% to 40% . My goal is to build a lager laundromat with the equity and cash I am building on the two small laundromat. Then I can add fluff and fold and run it 24 hours two differ staff and business model . I wish I was 20 years younger recovering from cancer just don’t energy I had before but still passionate.
If I had to own a carwash or laundry mat think I take laundry mat
just bought a laundromat business, hope will be more and more
Every time I watch her videos it seems so easy, but I don't think it really is, so I attended one of her webinars and found out it will cost me $8000 if I want her course! The guy in this video bought a laundry mat and rental property with $15k, yet she is charging people 8k which for me is not something I am comfortable paying. Codie if you really want to help people make your course much more affordable and not some water down version either. Thanks
The paradox with courses is the less you charge, the less successful people end up being in general. Kind of an odd thing.
I've seen guys charge $500 and $5000 for the same product, in the end the ones who spent $5k had higher success rates on average.
Finally someone with some common sense, no laundry mat will cost 15k nowadays
@@InvestmentJoy I am sure there is something to what you're talking about, but 8k for her course is ridiculous especially in this high inflation economy. It stinks because I really wanted to get it.
@@amazingchannel222 the reason you think it is so high is the exact reason for the pricing . To avoid clients like you who would cause all the headaches and problems . You already present to be the person who who would sign up for a 3 pay. Make the first installment then call your credit card company and said it’s fraud and want a chargeback !! You just validated the pricing strategy! People who are hungry will be glad to pay the price
Hey there - that is for our mastermind group for people who have over $100k to invest a year. That's just a different level. Start with the 9 day biz challenge for $150 or the ios course that's like $200. The price is high because we have hands on one on one content for those who are taking serious action. Sometimes you get what you pay for. Skin in the game is DAMN important.
contrarianthinking.co/courses/
Rented a small storage unit in my town.About 100-200 varying size units.The owner also lives on the property in a very nice well maintained home with an office attached.One day I did the math and was amazed with what he pulls in a month.Seems like he made the best investment in our little town possible.
Dang! The questions were so intense that even the camera got shy 0:30
Do a vid on how to run a laundromat remotely please
Yeah, because every homeless person has 15k to put down on a business 🙄🙄🙄🙄
Get to work buddy 💪 😂
Amazing stuff!! My question is how did you pay for renovation? was it bank that funded the money or private lenders or your savings? Thanks again.
Private $ on the initial, cashflow from biz on everything past the 3rd month or so
Have had a look at different businesses in my hometown, and have decided to go back to my old stomping ground. Costs me $100 for raw materials, and get a $4,000 return on $35 of raw materials. On the second $35, add another $100, and that returns another $400 and the last $30 returns me another $200. Potential is there for me to grow the business by 35% year on year, plus branch out into other fields.
A business plan was shown to the government funded Enterprise Centre. The consultant gave me a list to work through - a business plan - which was filled out to the best of ability. Returned a week later, and placed the plan on his desk. His eyeballs went wide in several sections. After reading and digesting the document... "I have seen probably about 3,000 plus business plans in the 7 years being here. Suspect that you have understated your profit margins, but, this by far is the most profitable business that I have seen! You have put a lot of thought and work into the business plan, and all of your costings, from what can be determined / gathered, are well inside the ball park. You don't want a business partner, perchance?"
My reason for going back to the old stomping ground is due to the fact that am not able to find a job. Have been looking for 10 months, sending applications, and no responses. As am not eligible for benefits, have to do something to get money coming in the door. Your suggestion about creating content to CZcams, you mentioned in a different video, will reap dividends in spades, as that gives potential customers the chance to see the product, what the product is, and how it will improve their life. So, there is potential for me to have 6 income streams from the one business idea. Part of this could even finish up being an export business, as there are many queries coming from Asian and African businesses for a machine that is being used in my business, which has been built internally.
You are also correct about people retiring from business and not being able to sell to the younger generation. One of the original businesses in this field, he has, from what has been told, retired from the industry due to poor health. Another business has sprung up, trying to capitalize on the previous businesses reputation, and is not doing a good job of doing so. This is largely due to poor quality control, which customers are not happy with.
We see where it goes. All it needs is one person to run, and it gives me something to do!
Majority of mentioned the building and fixed up what should fix up 1st days I give you that permission because if the billionaire mentioned how can you grow the business you have to keep up the business maintenance and have everything in hand and pay your records
Great video!! Brandon has a wealth of information! Thanks for sharing this video!!
He is truly inspiring
Wow this so interesting 🤔 how do u buy a business like that if u have no money or good credit is there a way around that ?
I wanna dress like him. I was watching his videos before I found Codie’s vids. He helped to push me into this space.
Thrift store jackets + shirts from khols
Your thumbnail was irresistible.
I want to buy one. There's one near me that's been going down hill. Makes me want to buy it. Also got to remember that poorer people use them so prices can't be too high. I've been the poor one. Family of 5 and $30 meant I had to wash and then hang dry at home.
I love his Mcduck shirt 😂 he even dresses rich…
I just watched his video with Pace Morby. ❤
I see you brought jacket this time around.
I don’t get the numbers can you do a video explaining for the people in the back how we structure a deal and paying it off
Imagine having a laundry business which a client has to use their debit or credit card Instead of dealing with physical money
What do sellers look for when “seller financing”? Good credit? How do they know I’m a good buyer?
This interview has blessed me within the first 5 minutes. God is so good.
Hola Codie, cómo encontrar ese tipo de negocio en Miami? Que página web recomiendas para la busqueda?
Hey Codie, big fan, do you know any good resources to get a glimpse at the books of various SMBs? I know its not public, but for example if you wanted to know avg financials of a smoke shop in NJ, would you just look at the books of ones currently for sale or is there another way to access this info?
Bizbuysell once in a great while makes the books public. You really need a company and start asking for books while offering nda's
Great video and very inspiring. My question is how did the seller finance work out in your deal? How did you pay the 70k back to the seller? Lastly what would a seller finance deal look like if the Laundromat was being sold for 150,000
I’ve been researching this industry for a while now and trying to get my first laundromat. I just can’t seem to find the right starting point
Not being a pessimist or anything but if he's broke and homeless, how'd he start with 15K .... Cause i'm broke but not homeless and my biggest struggle is building up an initial savings of 15K to put into laundromats for example. I'm on my journey there but that initial capital is harder to build than it seems at first. Keep hustling people 👍
He does not own a laundromat. He has an investor that buys the properties and he manages them.
Codie … Latino - spanish projects in latinoamerica will be niceeee
How can water only cost $300 to $400 a month? I pay $45 on my home for 1 person? He should be using thousands of gallons in a day?
Instead of blowing 20k on trading I should have done this instead… i how short and simple and to the point this was. Now I’m gonna google search if credit is needed when doing seller financing. My messed mine up
Codie, how do I find laundromats for sale?
So my big question is, how do I know I am looking at the right location?
So how did you finance it if you were homeless?
Doubt he was homeless when he bought it. Interesting that his "homeless" picture shows him not much younger than he was in the video.
So what was the 2 seconds you deleted from the original footage lol
This is good story
I love you Codi
I FEEL LIKE THE HOLE SEASON IS OVER, I'M TRYING TO GET INTO TRADING AS A ROOKIE, BUT I'VE HAD SO MUCH LOSS TRYING TO TRADE ON MY OWN, PLEASE WHAT STRATEGIES DO I NEED TO EARN PROFITS FROM THE MARKET
how can we learn finance structure???
Where do you find laundromats for sale?
Also what company has the best machines?
Any advice for us Canadians? Investment joy awesome job
Yes move to Frisco Texas, and never look back.
Like the hand up... 10% of this idea which is pennies on a dollar.25%after year. Of just this. Going to and from customers. Saving them time$ and money to do other things. Provided a service. Pickup and delivery. Drop off/ pickup all those cars goin bye... Someone always there. Maybe goings green products, natural outsourcing dry cleaning...
Williams ll James r IBEW local 94 international NJ. Proceeds there...
Provided a huge service, creating a job in community. Give back to church plus tax incentives...
Just a thought
Let up be your laundry butler's
How do you find opportunities like that.
Are you interested in buying some or have finders fee? There is one in my area that is vacant .
There’s a lot of overhead involved in laundromat ownership.
Where do i find cheap laundromats near southern California
🤣🤣"...those are the gateway drug businesses to learn how to doing business." ♥️♥️♥️ it & it's true!
Yup, the amount of money it costs to maintain the machine has to be lower than your profit. Do you know how much parts and repair tech's cost? Crazy if you don't consider this
How to run a laundry mat remotely and have some one else run it pls
Why did the previous owner run out of business while you are profitable?
Usually i don't comment youtube videos, but the change in your visual make you even better, this i have to say, nowadays girls follow some trendings that makes them worse, definitely is not your case❤
Success.
How about labor fee?
This is my dream Bisnis bu I don’t know how to start
Dont these have to be in a low income neighborhood(especially the coin operated) which is huge liability?
So wait 6-12 months until seller gets fed up then negotiate to 15k.
what happened? I already watched this
And can you do this with 400k student loans?? Living in California?
How do you find a deal like this if you are not in real estate?
You get into it ;)
Wish I could try but there's literally a laundromat every block where I live.
Must be profitable then
I can see dude saying. Let’s get the 1st shot in front of the 1 of 1
Tye Tyed portrait of Me I call it
The Scarface of Detergent Powder
Awesome
@@myofficialCZcamsACCOUNT- I got a small piece of land in Cambodia and want to start a small business. What is a good advice.
@CodieSanchezCT You have covered the types of business to buy and seller-financed deals. How do you find these businesses? I don't even know where to start. And then how do you know that the numbers someone is giving you are legit and not just made up to make them look (highly) profitable?
What happens when we go cashless society, this type of business will be obsolete unless these machines add or adopt blockchain payment system.
I tried this as a side hustle for more than a few months.
How much do you estimate you pay each month for damages and theft? I thought so………not profitable or realistic.
Hey codie!
I'm from India these kind of laundry stuff doesn't work here we guys have maids in our houses to do all the laundry work 😶
What would work there?
Ouch. Try 10x the rent where I am.. kills most laundros round here. Yes, we can charge slightly more but the math still isn't favourable.
I hear the same statement here too. We've got an active negotiation for a mat in LA right now, about $1.75/sf
FYI - Auckland NZ