Absolutely, all locations were sold for the procurement of bigger and better locations. The locations we sold are still in business and doing really good.

I kept the very first site because of the location, competition and low overhead. My manger and the staff has been with me for last 10 years. It is still profitable.

A new coin-operated laundry opened earlier this year, the owners came up to me and we agreed to keep the same price instead of going in a price war with each other.

If anyone is telling you that is a passive income, few hours a week, collect your coins and walk away. He/She is lying to you.

I have never owned a coin laundry in Toronto but have used several coin-operated laundry machines when I was going to school at Ryerson.

In last 10 years, I have owned, operated and sold 5 coin laundromats in the Los Angeles areas. I still own one location the very first one I ever owned.

There are several factors to look into this business.

I can summarize but you will have to check with a business broker.

This is where I would start.

1. Location, Location and Location.
2. Square Footage
3. Warranty on parts if buying a running site.
4. A trustworthy manager.
5. Utility Bills. (Gas, Water, Sewer, Trash and Electricity)
6. Vending Machines. (Detergent, Snacks, Sida)
7. More vending machines such as massage chairs, coffee, ice cream and small coin-operated vending machines.
8. Land ownership/If leasing a large portion of your income will go there.
9. Fluff & Fold Service, Pick and Drop Service
10. A reliable technician to service washers and dryers.
11. A good handyman for small repairs when needed.
12. A big enough parking lot, at least 16 stalls or more.
13. Competitions.
14. 5 to 8 staff if 24/7 operations.
15. A good look at the books.

Good luck!