Love your videos. I am currently in the process of receiving a building permit for my own 4 bay carwash here in Europe. Here as the standard goes, 90% of the new builds can't risk leaving money for X days in each operating station, thus we use coin vacuums that transport all coins to a safe inside the container with all the machinery. The only place left exposed to thiefs are the vacuums. Credit card or loyalty card (tokens) payments in each bay are also popular. I can imagine an investment into this kind of refurbishment would be significant, also considering the losses when it would require shutting down the carwash for a few days. Most of the carwashes here in Europe have heated concrete floors (to prevent clients slipping during winter) and the construction of the building is a steel frame, with either safety glass or PVC banners separating each bay and a centrally located container with the machinery. Wisching you good luck with all your business ventures
Brandon knows the value in that location and the investment needed for an automatic bay or two and the return he'd make, but he's being very cautious with his capital, especially during an inflationary, high interest rate downturn, something he's not invested through before. ❤
Ran a car wash for a few years in college and I can tell you this, invest in something else cause they are a headache. Nothing like having to go clean a wash bay drain trap because its full of mud at midnight and it below freezing. Or really working on anything when its below freezing when it just so happens to be when everything breaks (water and freezing temperatures don't mix). Plus they are a lot of clean up work (twice a day at least all the bays and any trash cans at vacuums. Not to mention its not like there cheap and there is a lot of liability exposure (from personal injury from busting ass on ice to scratching cars with the automatic bays). Much better ways to make money.
I come from a plumbing and building background. When my family owned rental properties etc, we did all the repair and renovation work ourselves. With the exception of electrical. Now of course you have have to put money into tools etc. If I where you, would look into a gun carry permit and I have always had dogs that where intimidating, but they where my babies so no harm would come to them with going thru me first.
Brandon I will tell you this. I've never used it card for doing laundry or at a carwash. I used it for a vending machine a few times when I spent 14 months in rehab with leg issues.
Been in the carwash business since the 90s. You should be able to operate a self serve with at least 50% margin. My expenses are 35% of my gross right now. Having said that, I won't pay based on potential or so called industry averages but on actual proven gross receipts. I've seen six bay washes that gross less than 50 k/yr total.
I have a car rental business on turo with a few cars as well as Uber/Lyft taxi business so I am constantly at the carwash with my fleet for washes and probably 40% of the time the wash is closed because something is broke, no joke! I'm sure you can make a lot with them but you lose a lot too with the doggone maintenance 🙁😕
with that last car wash you showed with the 8 bays would you be able to convert any of those bays into an automatic bay? If so would that even be profitable to do or would the amount of work needed to be done to do so just not be worth it at all?
Yes, is you lowered the buying price. Put two or more automatics in. Especially the bays that need the most work. Find a way to fight the cold. Put a soft touch wash (automatic) in. For cars that say do not use high pressure wash! 🙂
Would be curious to hear about business expense writeoffs when it comes to these huge business repairs/improvements. Does it make them a lot less scary? It's impressive you've managed to cash flow all these investments thru the roughest of times. Should feel like nothing but blue skies now. No jinx.
I never liked that car wash in Chillicothe. I always felt nothing was taken care of. I always use the one on western ave. Same style idk if it’s the same owner or not always seemed to get my car cleaner. I will say the one on bridge is almost always packed though. Maybe with improvements it would be worth what he’s asking
There’s a lot of difference between using a card at a car wash vs a laundromat. It’s more efficient at a car wash, especially with an automatic bay. However, the option to use both trumps all. A laundromat services a lot of people from all walks of life, and a lot of those people don’t prefer to use credit cards. A lot of people from poorer neighborhoods may not even have credit cards. If you were to set up card use at a laundromat, you’d have to offer it in a similar way, perhaps have a card option on the larger machines, but always accept cash. No matter what anyone tells you, remember cash is king. You could consider a part time maintenance position, for maybe 25-30 hours a week, with option for overtime, depending on need. If they just have to make standard repairs, it’s a good deal for you, it could save you some money not having to pay someone for 40 hours per week, and many people now would like a shorter work day/week.
Yes two guys from California open up to laundromats on the southside of Chicago suburbs they’re beautiful but they take a card Property taxes are so high and the stores are so empty
Please tell me that I’m not crazy and you’re related too “Bens Appliances and Junk” channel. You to look similar and if Im in another room I swear its you talking. His channel is awesome also, I learn a ton.
Happy New Year - watching this again with my mate who owns the laundromats with his sister. He complains about the need for $1 coins here & I try to keep a few thousand in $1 coins in my office for him. He only has to call & I will deliver a few bags for him (we do not roll coins but use plastic bags that are weighed in the banks).
I want to patronize the car wash near me, but the change machines don't work half the time, the credit card readers rarely work, I don't believe I'm getting wax or soft water as it doesn't change coming out the nozzle. So I have to drive miles out of my way.
It's interesting what you say about still needing to take cash in the US over here in the UK I find that cash is on its last legs in everyday life everyone just uses theor phone to pay for everything contactless is king and just getting more popular and common for places to not take cash anymore
Anyone who does not carry cash is a fool. From power outages, network outages, to e-theft, to governmentts getting thuggish there are any number of ways for lazy people to be up scheisse creek.
With a little TLC you could make that car wash very profitable. Numbers are numbers. I say if you can aquire the property for 750k your still at a 10-20% margin even with the resiculous rates now. Now your other business are thriving. over a little time, with some money invested, an auto wash bay or two. The outcome could potentially put you to 40% margins within a few years. I say do it.👍
Curious. Does your margin expectations on the car wash include the cost of your time in checking the property, collecting and reloading quarters, and depositing cash collected?
If half a million is worth it for that car wash to you then I would say pull the trigger I can definitely see that it's going to need some work but you're no stranger to that you've done that already with your other car wash and it's close to your laundromat so you can oversee both locations easily not a bad idea considering you know the size of the place but it definitely needs some work
I was wondering if you would be willing to share with us, what is your car count like? And has it increased since the new equipment? I'm asking because there's a wash near me for sale that is doing much less than I expected. I am wondering for your size and location what count looks like for reference.
Just found your channel for the first time a day ago. Your videos are pretty good. Informative, entertaining and you feel like your there with you. What i DONT understand at all is your thumbnails. TO ME the photos feel really really really cringe. Please consider not using that type of photo.
Hey Jarett, I work with the IJ Team. I appreciate the feedback. Would you be open to having a conversation sometime? I'd love to hear your thoughts on our content, see what you find value in, and figure out how we can improve.
My opinion offer half a mill and see if he counters. You might be able to get a better deal but I’m curious what the break even point is based on the loan and any upgrades needed to get it up to better standards.
This is 6 months later.... from posting. Did you get it? buying in my opinion is yes... But absolutely not for $1M $500K Would be a yes If this is the one that does have a larger lot. Even at the fact of $$$ in improvements & Repairs & Maintenance costs for operations.... Yep as you have said in your other videos.... Clean and having curb appeal & machine face restorations & signage are important. Sending msg of quality service... When testing the sprayers and bays doing a clean sweep can save time... Although I know you are filming too, and full picture of time savers can't be always multitasked into your video... and just hitting STOP when finished ck'g where you had your employee in where checking equipment in ... I have followed you for quiet a while... You have been transparent of the GOOD BAD & UGLY stick with reality of the rentals & car washes & laundry mats....
Wouldn’t worth it. The maintenance alone would have you down in money. He’s not keeping up with the car wash and you probably just stole a customer of his 😅😅
Trust me. The maintenance person should be working 40-80 hours per week. Just being on site, maintenance can keep everything tidy and running smooth. Plus, any little problem can be arrested immediately by maintenance. That care will save you thousands in the long run.
No no do not trust this man he does not understand how much it would cost u to pay an employee just to save a few thousand bucks. U will keep more money if u don’t hire an employee for 40-80hours a week
@@ethannoser2689 full time maintiance saved a entire hotel I worked at from a roof fire when a ac unit caught fire. Bc a federal pacific breaker failed
Hey your brother is a genius when it comes to fixing and maintaining machines, why not hire him to take care of all the repairs..or is he just as busy as you? Ah he probably is, I forgot he has his own appliance store etc…
I think I'd offer $700K, with owner finance 5 years, 6% with 3 month Deferred payments...gives you $40K for improvements, and $2500/m cash flow. Maintenance person, maybe it's time to start a new business. Car Wash repair and Laundromat repair service...you need him 2 days a week, can you find 3 more customers within 45 minutes of his home ?
I'm saying yes to buy the car wash. Because you know the faults and to make it better for the community
Love your videos. I am currently in the process of receiving a building permit for my own 4 bay carwash here in Europe. Here as the standard goes, 90% of the new builds can't risk leaving money for X days in each operating station, thus we use coin vacuums that transport all coins to a safe inside the container with all the machinery. The only place left exposed to thiefs are the vacuums. Credit card or loyalty card (tokens) payments in each bay are also popular.
I can imagine an investment into this kind of refurbishment would be significant, also considering the losses when it would require shutting down the carwash for a few days.
Most of the carwashes here in Europe have heated concrete floors (to prevent clients slipping during winter) and the construction of the building is a steel frame, with either safety glass or PVC banners separating each bay and a centrally located container with the machinery.
Wisching you good luck with all your business ventures
Sounds quite similar to other operations I've seen here in the us
Only true watchers know why we are commenting “YES” 😊
I'd like to buy $500 worth of quarters from that car wash at the end just to see what the genius with the sign is gonna do about it.
nooo not the pipes
Brandon knows the value in that location and the investment needed for an automatic bay or two and the return he'd make, but he's being very cautious with his capital, especially during an inflationary, high interest rate downturn, something he's not invested through before. ❤
Yes
Remember Danny told you not to switch to credit card in the laundromat.
I don't know why, more payment options means larger customer base, plus the amount a reader company like nayax skims is only about 5%
@@enterchannelname7568 You can lie on your taxes.
@@TheTrueHardcorefr3k yes you can with cash, but sales tax isn't too much usually
Yes, you should and possibly upgrade the maintenance of the lot.
Yes!!
Delicious quarters.
Yes, you should buy the car wash. Can't beat the location as well.
Ran a car wash for a few years in college and I can tell you this, invest in something else cause they are a headache. Nothing like having to go clean a wash bay drain trap because its full of mud at midnight and it below freezing. Or really working on anything when its below freezing when it just so happens to be when everything breaks (water and freezing temperatures don't mix). Plus they are a lot of clean up work (twice a day at least all the bays and any trash cans at vacuums. Not to mention its not like there cheap and there is a lot of liability exposure (from personal injury from busting ass on ice to scratching cars with the automatic bays). Much better ways to make money.
yes. But buy it at $500,000-$750,000. You will be putting a lot into the upgrades on this location.
It's a good idea to take both cash and credit cards.
I come from a plumbing and building background. When my family owned rental properties etc, we did all the repair and renovation work ourselves. With the exception of electrical. Now of course you have have to put money into tools etc. If I where you, would look into a gun carry permit and I have always had dogs that where intimidating, but they where my babies so no harm would come to them with going thru me first.
Brandon I will tell you this. I've never used it card for doing laundry or at a carwash. I used it for a vending machine a few times when I spent 14 months in rehab with leg issues.
Been in the carwash business since the 90s. You should be able to operate a self serve with at least 50% margin. My expenses are 35% of my gross right now. Having said that, I won't pay based on potential or so called industry averages but on actual proven gross receipts. I've seen six bay washes that gross less than 50 k/yr total.
If the deal makes sense do it!
I have a car rental business on turo with a few cars as well as Uber/Lyft taxi business so I am constantly at the carwash with my fleet for washes and probably 40% of the time the wash is closed because something is broke, no joke! I'm sure you can make a lot with them but you lose a lot too with the doggone maintenance 🙁😕
I'd say buy it if you can get it for a good price that makes sense for you. It looks like it needs some TLC to bring it upto a good running condition.
Yes.
with that last car wash you showed with the 8 bays would you be able to convert any of those bays into an automatic bay? If so would that even be profitable to do or would the amount of work needed to be done to do so just not be worth it at all?
Yes, is you lowered the buying price. Put two or more automatics in. Especially the bays that need the most work. Find a way to fight the cold. Put a soft touch wash (automatic) in. For cars that say do not use high pressure wash! 🙂
Install a vehicle sensor counter for two weeks. Make offer on the data.
Wait to buy it commercial real-estate is going to tank.
Would be curious to hear about business expense writeoffs when it comes to these huge business repairs/improvements. Does it make them a lot less scary? It's impressive you've managed to cash flow all these investments thru the roughest of times. Should feel like nothing but blue skies now. No jinx.
A $1000 repair only costs the business about $750 because of the write offs.
@@jgs1703 clearly some people don't understand writeoffs.
I never liked that car wash in Chillicothe. I always felt nothing was taken care of. I always use the one on western ave. Same style idk if it’s the same owner or not always seemed to get my car cleaner. I will say the one on bridge is almost always packed though. Maybe with improvements it would be worth what he’s asking
yes at 500K could be worth it
My issue is all the broken equipment. at 500 + another 30-40K in reno on equipment yea Id make that offer
There’s a lot of difference between using a card at a car wash vs a laundromat. It’s more efficient at a car wash, especially with an automatic bay. However, the option to use both trumps all. A laundromat services a lot of people from all walks of life, and a lot of those people don’t prefer to use credit cards. A lot of people from poorer neighborhoods may not even have credit cards. If you were to set up card use at a laundromat, you’d have to offer it in a similar way, perhaps have a card option on the larger machines, but always accept cash.
No matter what anyone tells you, remember cash is king.
You could consider a part time maintenance position, for maybe 25-30 hours a week, with option for overtime, depending on need. If they just have to make standard repairs, it’s a good deal for you, it could save you some money not having to pay someone for 40 hours per week, and many people now would like a shorter work day/week.
Yes two guys from California open up to laundromats on the southside of Chicago suburbs they’re beautiful but they take a card Property taxes are so high and the stores are so empty
Please tell me that I’m not crazy and you’re related too “Bens Appliances and Junk” channel. You to look similar and if Im in another room I swear its you talking. His channel is awesome also, I learn a ton.
He's my twin brother
Happy New Year - watching this again with my mate who owns the laundromats with his sister. He complains about the need for $1 coins here & I try to keep a few thousand in $1 coins in my office for him. He only has to call & I will deliver a few bags for him (we do not roll coins but use plastic bags that are weighed in the banks).
You will have that car wash looking and running good in no time. Get it my friend.
Yes for the right price. I'm looking for my first one now too.
I want to patronize the car wash near me, but the change machines don't work half the time, the credit card readers rarely work, I don't believe I'm getting wax or soft water as it doesn't change coming out the nozzle. So I have to drive miles out of my way.
Should buy it
It's interesting what you say about still needing to take cash in the US over here in the UK I find that cash is on its last legs in everyday life everyone just uses theor phone to pay for everything contactless is king and just getting more popular and common for places to not take cash anymore
Anyone who does not carry cash is a fool. From power outages, network outages, to e-theft, to governmentts getting thuggish there are any number of ways for lazy people to be up scheisse creek.
Those things are not really an issue where I live I the UK
Yes buy it
The last car wash is my town he's right it's in a bad area.. u should buy it because the guy not taking care of it no one wants to the $25 car wash
I would say yes cause I bet you could do a lot with that and it would be very profitable
Yes, buy it.
With a little TLC you could make that car wash very profitable. Numbers are numbers. I say if you can aquire the property for 750k your still at a 10-20% margin even with the resiculous rates now. Now your other business are thriving. over a little time, with some money invested, an auto wash bay or two. The outcome could potentially put you to 40% margins within a few years. I say do it.👍
Curious. Does your margin expectations on the car wash include the cost of your time in checking the property, collecting and reloading quarters, and depositing cash collected?
If half a million is worth it for that car wash to you then I would say pull the trigger I can definitely see that it's going to need some work but you're no stranger to that you've done that already with your other car wash and it's close to your laundromat so you can oversee both locations easily not a bad idea considering you know the size of the place but it definitely needs some work
Its a buy if you can afford to upgrade the equipment?
Wish well on future investments.
yes
I was wondering if you would be willing to share with us, what is your car count like? And has it increased since the new equipment? I'm asking because there's a wash near me for sale that is doing much less than I expected. I am wondering for your size and location what count looks like for reference.
"YES"
One of your better videos. Buying any other new ventures?
Just found your channel for the first time a day ago. Your videos are pretty good. Informative, entertaining and you feel like your there with you. What i DONT understand at all is your thumbnails. TO ME the photos feel really really really cringe. Please consider not using that type of photo.
Hey Jarett, I work with the IJ Team. I appreciate the feedback. Would you be open to having a conversation sometime? I'd love to hear your thoughts on our content, see what you find value in, and figure out how we can improve.
Brandon makes this look easy
yes offer him $500k and he will say no, but stay in touch with him, as the condition of the property indicates they want out.
Yes,but alot less than a mill
Yes, More is better, but gotta cash flow.
My opinion offer half a mill and see if he counters. You might be able to get a better deal but I’m curious what the break even point is based on the loan and any upgrades needed to get it up to better standards.
Yes, buy it. Rehab that wash and make it great again.
You would think that a car wash at a truck stop would be worthwhile
No
This is 6 months later.... from posting. Did you get it? buying in my opinion is yes... But absolutely not for $1M $500K Would be a yes If this is the one that does have a larger lot. Even at the fact of $$$ in improvements & Repairs & Maintenance costs for operations.... Yep as you have said in your other videos.... Clean and having curb appeal & machine face restorations & signage are important. Sending msg of quality service...
When testing the sprayers and bays doing a clean sweep can save time... Although I know you are filming too, and full picture of time savers can't be always multitasked into your video... and just hitting STOP when finished ck'g where you had your employee in where checking equipment in ...
I have followed you for quiet a while... You have been transparent of the GOOD BAD & UGLY stick with reality of the rentals & car washes & laundry mats....
0:54 what type of car is that, can anyone help me?, nice tailight though
I'm from Akron Ohio
YES! Buy it
If you buy that car wash it looks like you'll have a lot to fix up because it looks in real bad shape right now.
Updates on the storage unit investment please
Yes get it but only pay max $400,000 or what til the 2023 depression hits and pick it up for $250,000! Love the channel
Yes!
Yes but like you said not for a million
Wouldn’t worth it. The maintenance alone would have you down in money. He’s not keeping up with the car wash and you probably just stole a customer of his 😅😅
“Yes” I like watching your videos
Trust me. The maintenance person should be working 40-80 hours per week. Just being on site, maintenance can keep everything tidy and running smooth. Plus, any little problem can be arrested immediately by maintenance. That care will save you thousands in the long run.
Christ... 80 hours a week,thank f*** I don't work for you.
No no do not trust this man he does not understand how much it would cost u to pay an employee just to save a few thousand bucks. U will keep more money if u don’t hire an employee for 40-80hours a week
@@ethannoser2689 full time maintiance saved a entire hotel I worked at from a roof fire when a ac unit caught fire. Bc a federal pacific breaker failed
heck yeah
No. Too much money for repairs🤔😤
Yes Yes Yes but only if you can get that carwash at a decent price
Do it - and Go Blue!
i have a question to you have to rent it ?
Buy it if you can get it for 500K? Lot of fixing to do.
I think if you dump a bunch of money into this location, you would start making profit on a long term scale
YES
I don't really understand the concept of a successful businessman who also needs to offer private coaching to make money.
Diversified income streams
Well if you think it has value and you have the capital I say go for it... Otherwise stay away that place looks like it needs some work!
Yes
But you should tell him to fix everything
Yes, but not for 1 Mil
I want a car wash a guy is selling one for 550k 7 bay 7 vac how can I buy little to no money down or lease for 1 or 2 years then buy after?
Check out investmentjoy.com, book a call with my team for direct coaching and training from me!
Just give him an answer
Yes if a low ball is accepted. I see $$$ to bring it up to standards.
YES =)
YES!
Yes for half a million
only buy it if it's cheap
yes but not at a million
Yes buy the car wash
Im saying yes
I wouldn't buy for more than 500k but if you can talk the owner down then by all means get it.
I'd offer $450k. That's gonna take a lot of work to get up to par where it's not a money sink
Yep. For a 15% return, that would be the exact fair market price with no financing.
Car wash needs cleaning
Hey your brother is a genius when it comes to fixing and maintaining machines, why not hire him to take care of all the repairs..or is he just as busy as you? Ah he probably is, I forgot he has his own appliance store etc…
He's as busy if not more than me
Every time I see this guy I think he's gonna get robbed.
I think I'd offer $700K, with owner finance 5 years, 6% with 3 month Deferred payments...gives you $40K for improvements, and $2500/m cash flow. Maintenance person, maybe it's time to start a new business. Car Wash repair and Laundromat repair service...you need him 2 days a week, can you find 3 more customers within 45 minutes of his home ?
Yes, but not for 1m
lol..."the most profitable car washes are NOT for sale"....
so the ones for sale.....buyer beware...and good luck ? ....yikes...