The Complete Guide to Buying a Laundromat Business: How Much They Cost & How to Run Them | Tom Donnelly E333

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 15 April 2025

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is laundromat investing the most underrated business model out there? In this episode of The Rich Somers Report, Rich sits down with Tom Donnelly, a full-time entrepreneur and laundromat owner, to break down how he went from a W-2 job to building a profitable, semi-passive business—and why more real estate investors are eyeing laundromats as their next cash-flow play. Rich and Tom discuss: How much laundromats really cost and how to finance them creatively Why seller financing is common—an...

Transcript

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0:00.0	Let me start with like biggest mistake is I think people get excited and buy the wrong location
0:06.5	sometimes because they didn't do the research on it and make sure that it's a good location.
0:11.5	It's, you know, laundromats are like anything.
0:13.3	You can buy a shitty real estate deal.
0:15.2	And they'll overpay for an asset.
0:16.8	Yeah, totally.
0:17.9	Exactly.
0:18.4	Just to get into it.
0:19.4	So I would say that's the biggest mistake. I would say the thing that sets us, us and other people that do well in this industry apart is always aiming just to operate in the top 10%.
0:29.5	Welcome to the Rich Strummers Report where we talk real estate, business, and wealth building all while keeping it real. No fluff, no BS. I hope that you enjoy the show.
0:41.4	All right, guys, welcome to another episode of The Report today. We got a big meetup tonight
0:47.1	here in downtown San Diego, no beers and deals, September meetup that I'm super excited for.
0:52.5	And I'm very excited because we got a special guest today.
0:55.4	I got someone who invests in the laundromat business and something that, quite frankly,
1:00.1	I've been intrigued in. So I'm interested for this conversation. I got my man Tom Donnelly.
1:04.2	Tom, welcome to the show. Hey, brother. Thanks for having me here. Appreciate it. Happy to be here.
1:08.5	Appreciate you coming on, dude. And fun fact, I think it was Jake Rosendahl that connected us.
1:13.6	Shout out to Jake.
1:14.4	Jake was on the podcast a few months back.
1:17.8	And, dude, you're local, man.
1:19.8	You live up in Cardiff.
1:20.9	Yes, sir.
	...

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