137. Buying a YouTube-Famous Laundromat with Ben Higginbothom

The Laundromat Resource Podcast

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Welcome to the Laundromat Resource Podcast, where we dive into the world of laundromat ownership and operations. In this episode, host Jordan Berry sits down with special guest Ben Higginbotham, a seasoned laundromat owner and investor, to discuss his journey in the industry. From securing private investors and navigating the financial barriers of entry to the intricacies of negotiating deals and managing multiple stores, Ben shares valuable insights and experiences. The conversation delves into the illusion of money, negotiation strategies, and the transformative belief in creating wealth. Join us as we explore the challenges and successes of running a laundromat business and gain practical advice for aspiring and current owners.
In this episode, Jordan and Ben discuss:
08:49 Real estate investor recommends working with investors.
15:22 Seeking less stress and more enjoyment in work.
18:42 Perspective from seller and buyer in negotiation.
24:14 Increased prices after installing new machines, successful.
28:45 Coin-operated store thriving, customer base expanding.
37:21 Mortgage rates: fixed vs. adjustable explained briefly.
40:11 Laundromat underwent complete renovation for better infrastructure.
43:30 Upgraded machines, brighter space, improved customer comfort.
52:34 Leasing a laundromat in leased space explained.
54:40 Selling stores, riding cash, buying real estate.
01:02:59 Money illusion shifts through wealth-building mindset transformation.
01:08:52 Unable to put 80-pound machines due to thin concrete.
01:14:37 Avoiding necessary systems leads to wasted time.
01:16:38 Access to information is valuable but caution.
01:24:55 Struggles with DIY versus hiring professionals.
01:28:21 Continuously improve, seek mentorship, and raise prices.
01:35:35 Pricing machines based on weight, seeking fairness.
01:39:22 Raise laundromat prices for quick improvement.
Show Notes-
https://laundromatresource.com/show137

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