Laundry Services For Multi-Family Properties

[ClintL]

For all of you folks with multi-family properties, do you tend to rent coin laundry machines from a service or do you buy them outright? I'm taking over a rental contract from Phelp's for a Hamilton triplex but might consider buying machines instead. Opinions and experiences?

 

[Thomas Beyer]

Coinamatic is the biggest firm in Canada. No right or wrong answer, as doing it yourself makes you more money but is more time consuming. One option is to pay the onsite manager less and allow him/her to keep all the change.



A 70/30 split is common, a little less for fewer machines.

 

[housingrental]

If you go to property frequently, have cash available, and have a tenant profile that is not going to be chronically disabling coin slots, owing provides higher return

If you do not have cash available, or do not go to the property often, go with a service

 

[brentdavies]

I prefer Phellps over Coinamatic, in Edmonton. I used to own machines, but not anymore. Who wants to repair the machines after the "Junkies" break into the machines for the coins.



It's the relationship the local laundry company that works for me.