Ok…this isn’t a full-fledged post, but an update none-the-less, so I decided to call this Update #3-and-a-Half…
This afternoon, while driving back from the Bay Area, we got a phone call from the broker…
WE HAVE A DEAL!
In the end, the seller wasn’t willing to pay his half ($5,000) of the lease assignment fee, but the broker was willing to lower his commission on the sale in order to get the numbers to work. (Note: I’m glad the deal came together, but disappointed that the broker had to take a lower commission in order for it to work. He’s put in a lot of legwork and I feel he deserves his full commission. But it is what it is.)
We’re now in escrow, and should close in 3-4 weeks. At that point, we get the keys and begin the next chapter of life as laundromat owners. A semi-passive income stream such as this coin laundry is something we’ve been planning and thinking about for a very long time, and we’re excited that it’s coming together.
And trust me when I tell you that I can hardly wait until we close so I can post pictures, as well as go into all of the financial details, including our estimated return on investment, etc.
We’ve also got a laundry list (sorry, I couldn’t pass that one up) of improvements we want to make, all while sticking to a budget. There will be plenty of before/after photos to post as well.
Sorry for the short post, but I couldn’t wait to give everyone the latest news!