Coin Laundry - Money Missing

[Nir]

Hi Everyone,

Ever had to deal with this situation: there is a coin laundry in the basement. The money box had around $30 few days after the property was purchased (should the current owner contact the previous owner and give him the $30? ) As of today, a month after the purchase, the money box is empty although one of the tenants confirmed another tenant used it yesterday (but then was not sure when was asked to confirm)

The current owner received one key from the lawyer on the closing day (is it usually 2 keys or not necessarily?). Wanted to ask what is more likely that has happened: the tenants found a way to operate the washer and dryer without coins or one of the tenants has a key to open the money box?

Based on that I will know if the best solution is to buy a new money box+key or call someone to investigate further?

(it`s only $40 a month but still.. a theft.)

THANKS.

 

[GregGillespie]

Hi,

I have not encountered this exact scenario but either way it sounds like someone has the key. I would swap out the money box/key at the very least or go with a newer, leased unit such as the equipment/service offered through Phelps...

Hi Everyone,

Ever had to deal with this situation: there is a coin laundry in the basement. The money box had around $30 few days after the property was purchased (should the current owner contact the previous owner and give him the $30? ) As of today, a month after the purchase, the money box is empty although one of the tenants confirmed another tenant used it yesterday (but then was not sure when was asked to confirm)

The current owner received one key from the lawyer on the closing day (is it usually 2 keys or not necessarily?). Wanted to ask what is more likely that has happened: the tenants found a way to operate the washer and dryer without coins or one of the tenants has a key to open the money box?

Based on that I will know if the best solution is to buy a new money box+key or call someone to investigate further?

(it`s only $40 a month but still.. a theft.)

THANKS.

 

[Nir]

Thank you Greg for the site and the response.

Since posting this a month ago, I changed the money box and cover keys. a month after the change it still did not have any money in it(!) however a couple days ago there was some money there - hopefully a good sign. a little surprising they did not use the machine for a month but will wait a little longer and see..

Regards,
Neil

 

[Anonymous]

QUOTE (investmart @ Mar 3 2008, 09:29 PM) Hi Everyone,

Ever had to deal with this situation: there is a coin laundry in the basement. The money box had around $30 few days after the property was purchased (should the current owner contact the previous owner and give him the $30? ) As of today, a month after the purchase, the money box is empty although one of the tenants confirmed another tenant used it yesterday (but then was not sure when was asked to confirm)

The current owner received one key from the lawyer on the closing day (is it usually 2 keys or not necessarily?). Wanted to ask what is more likely that has happened: the tenants found a way to operate the washer and dryer without coins or one of the tenants has a key to open the money box?

Based on that I will know if the best solution is to buy a new money box+key or call someone to investigate further?

(it`s only $40 a month but still.. a theft.)

THANKS.

 

[Anonymous]

I remember back in my college days we had found a way to use coin laundry for free. Basically we heard the coin slot pusher go click, then took a hammer and banged the coin slot pusher back. The coins popped out and the washer started. Just beware this could be happening...and no I don`t do this anymore

...I realize it`s stealing...but just to make the point that it`s possible.

To catch the culprit, you could always install a hidden camera. Either that, or pay the money to have a new coin box installed. Just thought of something else...maybe a locksmith could change the lock?

Good luck!

 

[Thomas Beyer]

THREE possible solutions

a ) install a money-less system .. such as tickets or token or debit card based

b ) remove washer and dryer

c) include this cash in the onsite`s salary .. use a reasonable estimate .. and have a contract that he/she gets a base salary of X .. coin laundry money estimated at Y .. and a bonus (based on rent collected or vacancy %) of Z !

$40 is a small amount of money .. find a solution that works .. as spending countless hours finding the $40 is NOT the best use of your time .. it should be used to find

1 ) more deals
2 ) more money partners to buy more deals

 

[SamEfford]

I like "c)", very creative idea.