You’ve probably heard someone tell you this before, but one of the keys to truly enjoying life without having to work too hard physically is finding sources of passive income. These are investments that make money even while you’re sleeping. Passive income can be made many ways even by investing in things that most people would think are obsolete.
How a Woman Paid $0 for a Laundromat Making $67,000 in Profit Per Year
Most people these days have never been to a laundromat in the past 10 years. That’s because most apartments and other living spaces usually have a laundry machine inside each unit, or on the premises. Nevertheless every day you drive around you probably pass by a laundromat that is still getting business. Most of the time they look really run down and old, but low and behold they are still very profitable.
A woman named Codie Sanchez who used to be Wall Street investor decided to capitalize on a market that no one else was. She left the Wall Street world to start buying up laundromats. She loves the business model of Laundromats because customers do most the work which means very little labor on the owner’s part, customers pay in cash, laundromats are recession proof, and they are known to have 25-30% return of investment.
In one of her best deals Codie Sanchez got a laundromat for $0 that was making $67,000 in profit a year. She was able to get the $67k profit per year laundromat for $0 upfront by securing something called ‘seller financing’, which means some of the future profit will go towards paying off the previous owner of the business. She was able to finance the rest of the cost by using equipment loans, which are loans that can only be used to purchase equipment essential to running a small business. Equipment loans are great because they usually don’t require collateral, and also cover repair costs.
Compared to other ways you can make passive income this might be a little more difficult since you need knowledge of how to purchase a business, secure seller financing, secure equipment loans, and pay other fees your state might have for owning a business. However, it’s one of the most lucrative and easiest ways to make passive income once you have everything set up.
