i am wanting to open a laundrymat in sevierville tennessee how can i fullful for years dream with no monydown

i want to open a laundrymat in either seviereville tennessee with out any mony or very little down. how can i fulfull this dream.
In General Area - Asked by Carole L. - Oct 11, 2009
Report Abuse
Answer this Question

Answer(s)

Cathy M.
Developer
Salt Lake City, UT

In a best case senario you can ask the owner to do a seller carry, however he/she will ask for substantial outside collateral to protect his investment. In addition he/she would have to be comfortable with your business history. If it were me as the current owner I would require you to put some skin into the game before I turned over my business.
Good Luck

Oct 13, 2009
Report Abuse
Rocky D.
Owner/Investor
Oklahoma City, OK

Sit down with MS Office, and open up MS Word, to the template for the Business Plan. Take a week, or two filling in every nook and cranny of that plan, with your very own personal dreams and expectations.
Open up a spreadsheet and put in there how much each washing machine will cost to buy, how much each gallon of water will cost, and how much each soap vending machine will earn you per box of Gain you sell through it. Go online, find the website for the manufacturer of those washing machines, vending machines, and cash registers; get the users guides for each one, so you can record maintenance costs, and how much sweat you will pour into putting each one into the shop.
A solid business plan will go a long way toward convincing the person/bank you talk with about exactly what you plan on doing, and how you expect to make enough money to guarantee they get their money, every single month, and walk away with some for yourself. If you have been dreaming about this for a long time, you should have a very vivid idea of what will happen each day in the 'mat.
Will the Maytag man who sells you fourty machines give you nintey pr 120 days before expecting payments? It couldn't hurt to ask!
I'll wager the wholesaler you buy those little boxes of Gain from will be easy to get terms from, so they can build you into a solid little franchise.
Put that down in black and white, and you will accompish several things:
1. You set out your own goals, and the map to get to them.
2. You find out, if those goals will stand up to your own expectations, by putting into spreadsheets and presentation slides the turn by turn road you expect to drive to come out a winner.
3. Once you have this all laid out, the way will become brightly obvious to you, what you need, and your funding will be far less nebulous a dream.
Does that make sense?

Oct 13, 2009
Report Abuse
Gregory G.
Broker/Agent
San Francisco, CA

You can possibly get an SBA loan... but no money down isn't going to happen without a seller carry.
Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
(415)225-9894
gregory.garver@gmail.com
http://www.gregorygarver.com

Oct 23, 2009
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question