How Laundromats Can Make You Wealthy

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.

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 🎉

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!

I want to start with my first Laundromat! ⭐

Such valuable information,thank you!

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

Amazing! Thanks for the explanation!!

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.

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

Excellent business overview video

It Really Gets Me Excited ⁉️⁉️⁉️

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?

What are any possible drawbacks or surprises that may pop up

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!!

Great video

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.

"I'm so sorry for doing that to you." LOL!!!

I want to hear about laundromat… but got earful of real estate

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.