Recently Bought a Multiplex? Get Coin Operated Laundry Equipment to Provide a Shared Amenity

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Proper Partnership: Tips For The Business Registration and Operation

When my best friend approached me with this new business opportunity, I decided that it might be fun to work together as partners. What I didn't realize was how complex partnerships could be. Not only was there the daily task distribution and conversations, there was a lot of paperwork to be filed for the business to be legal, and partnerships need to be registered specifically. I created this blog afterward to help illustrate the process and offer tips for others who are considering their own business. If you're looking to be an entrepreneur or start a partnership, I hope the posts here help you get things started.


Recently Bought a Multiplex? Get Coin Operated Laundry Equipment to Provide a Shared Amenity

31 March 2017
 Categories: Business, Blog

Buying a single-family home to rent out is one way to get into real estate investing. But it will limit your opportunities because you can only do so much with a property where you can only have one tenant. This may have crossed your mind on numerous occasions and encouraged you to invest in a multiplex. Whether you ended up with two, three, or even more units that you will be managing, this makes it possible to invest in improvements that provide benefits to everyone living within the multiplex. It is ideal to start looking for coin operated laundry equipment to install in a public area within the building.

Generate a Small Amount of Income

When a person moves into an apartment or condo, they should know whether they will be paying for laundry with quarters or through a credit card payment system, or if they will have their own appliances. In a multiplex, it is common to split the utility costs across all tenants in the complex. But, this also means that the electricity usage that comes from the washer and dryer will not be in your hands to pay. It is a small but reliable way to generate a little extra income on top of the rent that you collect from tenants.

Provide an Additional Amenity

Advertising your units might be a simple process, but having success is another story. You need to convince people who are looking for a rental that your units are worth the price that you are asking for rent. By investing in coin operated laundry equipment, you can give your units a boost in attractiveness. It can help you rent out units at a faster rate, but it will also make it possible to charge higher rent. This will be an even more advantageous amenity to provide if there are no laundromats nearby.

Avoid Adding Hookups to All Units

There are typically three possibilities that a tenant has to do their laundry on a regular basis. These consist of going to a laundromat, using shared appliances, or using appliances that are inside their unit. By installing a washer and dryer in one of the shared spaces, you will not have to worry about any tenants possibly bringing up the idea that they want their own hookups or even appliances installed in their unit.

Getting a coin operated washer and dryer, especially new ones, as soon as you buy a multiplex is an excellent idea because it will make it so much easier to find tenants to move into the units. If you want to offer this benefit to your tenants, talk to companies like Metropolitan Laundry Machinery Sales Inc. that specialize in coin operated laundry equipment.