I want to setup a friend with their own business, something that can make him $2,000 a month would be great. I am looking to invest about 40 - 50K cash.
I've been looking around and something that has caught my attention is a coin-op Laundromat. No employees, put in couple change machines, all vending equipment, bunch of security cameras that can be taped and monitored from home, etc...
Anyone else own one of these or have in the past, or do you know someone that does. I know I will drop a couple thousand on a plumber for hooking it all up. Will need more hot water heaters, a maintenance company to service them as they break, utility bill will be high, lease will be cheap though(you want to put it in a low income area). Is there anything I am missing ? Cash business so
the IRS
I would put in a great location naturally. I know this is key.
Some things I really like about it is that it is recession proof. If the economy goes bad the business may go up. More people selling their houses and moving into smaller apartments with no washer dryer. Either way I can't see the coin-op Laundromat industry declining, people have to wash clothes no matter what. (I would hope, lol)
I would also throw in a bunch of vending machines, even some cold food vending with microwave, cig machine, arcade games, anything coin-op so don't need employees there 24/7 just someone to check in on it.
What do you think, and is there any other ideas that would work better. Please discuss.