10 Reasons to Buy a Laundromat Business as Your Next Side Hustle (Greatest Hits)

25:52Talk to me about the day-to-day responsibilities. How much time are you spending on site at these places? A room full of vending machines in a way. Do you need somebody to be there? Or is it just, it would be weird to unlock the doors and then just have a free-for-all? Yeah. Well, there's a couple of different business models. And one is the doors unlock on their own in the morning. And it's kind of a free-for-all. It's called an unintended laundromat. And basically you put a automatic door locks on and they open and close on their own. And you do typically need somebody to come in at least once a day to clean up.

26:32You know, laundromats tend to get pretty messy pretty fast. A lot of people are coming in and out. So you either have somebody come in for a couple hours to just wipe down the machines and sweep and mop and clean out the lint traps, take out the trash. Or the other model is an attended model where you have somebody there all day who's keeping things clean all day and who's helping customers. And maybe they have some other responsibilities also, like manning a store or if there's a service component of the business, like a drop-off laundry service or a pickup and delivery service. Maybe they're doing something with that too.

27:10Okay. So yeah, if you're hiring for that role, that obviously eats into your cashflow. And so you have to find out as you're buying, is that already baked in? Is that manager going to stay? Trying to figure out, oh, if the owner was doing that all themselves and the net was 75 grand, that becomes a different equation if you weren't planning on buying yourself a job. Right. And I always tell people in that situation, I would just add in the expenses for an employee and base the value off of that number, not the number that they gave you where they were doing all the work. Gotcha. Yeah. It was in Japan, which probably isn't surprising where it was the unattended model.

27:47Yeah. I was just walk in, here's a bank of machines and you just do it all yourself. You don't talk to anybody. And it's just very much, uh, very technological. Okay. So there's some management, especially in the coins, like you got to deal with collecting the coins, taking them to the bank, making sure you have change. Sorry. I want to go back to the financing thing, like anything else you've seen work on the creative financing side to fund this purchase? Yeah. I mean, one of the huge benefits of laundromats, I think, and I myself, I have laundromats, but I also have real estate. I love real estate investing, but the average cashflow for laundromat is greater than real estate, but also the coveted seller financing deal that everybody seems to be looking for in real estate is pretty common, actually in laundromats.

28:36And the reason for that is because they can be a little more difficult to fund, especially if the owner hasn't kept great records and has mismatching profit and loss sheets and taxes, or just can't demonstrate the income, then they typically have to fund at least some of the purchase price. So seller financing is a big financing source in laundromats. And also speaking of real estate, a lot of times real estate investors ears perk up when I tell them I have laundromats and kind of talk to them about, hey, you know, a 20 % return laundromat is a base hit. You know, if you want a home run, you can anything over 50 % is a home run in my book and their ears perk up.

29:24And so finding money partners, if you can bring the knowledge and the time investment, finding the financial investment is easier, I think, than even finding one for real estate purchases. And what's kind of cool is that you have the ability to evaluate the current state of the business. And maybe it is this guy who's nearing retirement and they haven't optimized it to the full extent that they could. So I think you have this physical space where people are hanging out for an hour, two hours doing their laundry. Like there's other things you can put in there. Like I've seen some with, you know, they had the ATMs and they got vending machines and there's all sorts of stuff.

30:07Can you speak a little bit to anything that you've done or you've seen other people do to increase the cashflow from an existing business? This is what really drove me to reach out to you and say, Hey, you've got to talk about this on your podcast because not only is a laundromat a great side hustle, but it's kind of the ultimate at side hustle because it has side hustles within the side hustle. That's a side hustle inception. Yeah, exactly. Side hustle inception. That's I like that because there are a ton of different revenue sources you can integrate within your laundromat. And obviously, you know, your washers and dryers are going to be your main source of income.

30:43But like you mentioned, ATM machines, video games, gumball machines, toy machines, claw machines, massage chairs, water stations, adding services like a wash dry fold service or a pickup and delivery service. There's just a host of things. In fact, on my website, I have like a bunch of a list of a bunch of different value add opportunities for a laundromat. Yeah. The cool thing here is like, yeah, if you can add 500 bucks, a thousand dollars a month in cashflow, you just added, I don't even know, 40 grand in equity to the business. Yeah. So every dollar of net income you add to your business is going to add three and a half to five dollars of equity.

31:30And that's how wealth is built, right? You got to have good cashflow. You got to build up your equity and you got to maximize your tax advantages. If you can do those three things, I called out the wealth tripod. If you can do those three things, then you can build wealth very quickly that way. All right. Well, talk to me about the tax front. That's something we haven't touched on yet. Yeah. And, you know, obvious caveat, I'm not a, you know, a tax advisor or a CPA or anything, but you get typical business perks for having a laundromat. So you can pay your expenses before you claim it as income when you own a business.

32:05Instead of when we have a job, we get paid and then we pay our taxes and then we pay our expenses. And when you have a business, you get paid, you pay your expenses and then you pay your taxes on what's left over. So that's a huge perk in and of itself. But also you have all this equipment and this equipment can be depreciated. You know, the rules vary depending on what's going on with tax laws at the moment, but depreciating the equipment basically means the equipment loses value in the IRS's eyes and you get to deduct that off of your income. So it's as if you didn't get that income, but you still get to keep that income.

32:46Okay. With the idea being that eventually it's going to have to be replaced. Well, then you can write that off as a capital expense. Right. Yeah. So there's, I mean, it's similar to real estate. Real estate works in a similar way. But having a business that's based off a physical asset like that allows you to take advantage of that tax perk. Okay. So if you buy a machine for, I have no idea what these things cost,$3 ,000, let's say. So you can either write that off all at once in the year of purchase if you have the income to do that, yes? Or you can take this depreciation over time. Am I understanding that right?

33:26Right. Yeah, exactly. Okay. Is there an advantage to doing one or the other? There are advantages. And I think it depends on your financial situation. Some years, if you know, for example, down the line, you're going to have a big windfall. And this year, for example, your income is going to be a modest income, but next year, you're going to get a lot more money. You may want to try to defer some of those write-offs to when you're going to have more income so you can depreciate it against that income. So I mean, I would recommend talking to a CPA because it can get real complicated real fast. But the general idea is there are tax benefits also to owning laundromats.

34:07Okay. So you've got the equipment depreciation. If you've got a lease, you're not paying any mortgage interest, but you are able to deduct your lease payment. Any other interesting deductions here? I think those are the big ones. If you buy it with the real estate, for example my second one that i bought with the real estate you get to take depreciation on that real estate also and commercial real estate has some really great accelerated deductions that you can take to again talk to your cpa about it but that's another perk and right now there's actually an awesome sba 504 loan that's allowing you to purchase real estate i think it's with 10 down right now.

34:52And so when you're picking up a business like a laundromat, and if you can get the real estate also, you can get that real estate with very little money down. And so using your business to acquire the real estate and to pay down the real estate, again, is a huge way to accelerate your wealth building. Jordan, tell me about some of the actions that you took to turn around this first purchase that you didn't want. You don't want other people to be in the same boat. What did it take to take this from like, I think we made a horrible mistake to like, okay, this is tolerable? Yeah. I mean, I think that's a great question.

35:25It took me a really long time to kind of figure it out. But one of the things I realized eventually is I'm in a situation where obviously I didn't expect to be in that situation. I expected to be in a situation where I was making money and I was actually losing money. And that felt like a punch in the gut. and kind of my options at that point were either to just sell it and get out, cut my losses and get out or to double down and put more effort into it. Even though I was getting into it, hoping for it to be more passive, it actually, I ended up having to ramp up my involvement in it. And so some of the things that I did was one, I put in new equipment and that's a big deal.

36:09When people come to your laundromat and it's like playing the slot machines, when you put your quarters in, is the machine going to work or is it not going to work? You lose customers really fast that way. And having new machines not only helps you retain those customers, it attracts new customers. Your utility bills go down, so your expenses go down because they're more efficient machines. You can charge higher vend prices because they're new machines and customers will pay a premium for that. And so that was one big thing. Another thing was, I think I had a little bit of the field of dreams mentality.

36:48If you build it, they will come and put in new machines and everything and kind of expected people to just walk through the door. And some did, but not enough. And so I ended up having to figure out creative ways to get people in the door. So whether that was through digital advertising on Google and on Facebook, putting up banners and stickers in the windows, running promotions, and also just getting to know customers and getting to know the community a little bit, which actually is the best part of owning a laundromat, by the way. What else works on the marketing front? This is interesting to say, okay, you're clearly getting your laundry done somewhere else today.

37:30I want to conquest that market share and have you come over to see me instead. That's one of the big tricks. If you're buying a laundromat, hoping to fix it up and improve businesses, you're really in the business of changing people's habits, right? Because people have a habit of doing their laundry some other way, whether it's in their apartment complex, at a different laundromat, at their home, wherever they're doing it, they have a habit of doing it somewhere else. And I really have kind of developed a marketing strategy that's working really well for my consulting clients right now. And the premise of it is that it takes three visits for a customer to come to your laundromat.

38:14And after they've come three times, they're basically, statistically speaking, they're basically your customer at that point. So I tell people when you open a new laundromat or you retool your store, put in new equipment and stuff, you know, step one is do something dramatic to get people in the door the first time. And so whether that's, Hey, give free washes. There's a guy here in Southern California. When he opens a new store, he does free washes for a month, which costs him a lot of money. But as you can imagine, a lot of people are coming to his laundromat that month. Um, and And he can easily rack up three visits in a month.

38:51And now those are his customers. He's built a lot of goodwill. But do something dramatic, step one, to get customers in. So whether that's free washes, another popular strategy is like if you have a card store, a card system, payment system, you can do like double your money. So put 20 bucks on, we'll add 20 bucks ourselves. Whatever you do, do something dramatic to get people in. step two is once they come in that first time, your only goal is to get them to come back the second time. And so whatever promotion or marketing thing you do to get them back the second time, do that. And then your goal the second time is to get them to come back the third time.

39:31And after you've done that, then they've become your customer and you just have to keep your value proposition high at that point. Keep your store clean, keep the machines working and keep smiles on your staff's face. And you got lifelong customers. Yeah, I really like that element of this where, yeah, people, it's like lawn mowing. Well, the grass is gonna keep growing. You know, you're gonna keep needing this service over and over again. The clothes are gonna keep getting dirty. So I do like that aspect of it. I like that it's self-service. Like we joke about this every time we go up to Brentwood for the you pick cherries.

40:05It's like, we're paying for the cherries and we're doing the labor. Like this is a genius business model. and you say, you know, smiles on your staff's faces, like, is it typically just, you know, that operator, cleaner, assistant helper person who is there during the day, like during the hours, or is there multiple people that kind of on staff at any given time? Yeah. Well, I would say for probably for most laundromats, there's usually one person there at a time, if anybody, but some of the bigger stores have multiple employees working there. And especially if they have a big drop-off laundry service or pickup and delivery, you know, I have friends who have 40 plus employees with their laundromats and their services.

40:46Well, Jordan, what's next for you? Are you on the hunt for more of these? You want to add to your empire or what's the future hold? Yeah, I have kind of two fronts I'm working on here. In terms of laundromats, I am on the hunt. In fact, I just brought together, you know, one of the cool things about having a podcast and maybe you've experienced this too, is you meet some people who are just incredible at particularly people who are incredible at things that I'm not incredible at. And so I've put together a little team and we're actually putting together an investment group to go out and buy laundromats and real estate.

41:24You know, we just believe in this business so much and we know it. We've done the hard work and we've learned the expensive lessons and we're going out and we all have some our own, but we're all going to go get some more. So buying more and larger laundromats and some commercial real estate on that front. And then on the laundromat resource front, you know, just providing more and more opportunities, not just for people to learn about the industry and to be able to get into it the right way, but also more and more opportunities for people who know this business to be able to share what they know and share their wealth of knowledge.

42:07And so trying to be a platform where people can do that. Were there other laundromat podcasts when you started or were you trailblazing there? There was one other, a man named Ken Barrett, who's a great advocate for the industry, has had a, I think it was the laundromat how-to podcast. He's since stopped that one. there's been a couple more that have popped up since I think with just the success of of my podcast surprising success honestly now why do you say that well I mean it's a laundromat podcast like I don't know like people are interested in it and my my podcast is interesting compared to the other ones that are out there mostly because I do long-form interviews with owners and I ask them questions about their business and about their experience and try to pull out their lessons they've learned and their wisdom and get advice from them for the listeners.

43:02And I think people are just really responding to hearing people's stories and learning from them. But, you know, it is a laundromat podcast. So it's just kind of surprising how many people listen to it. That's awesome, man. Well, there you have it, the laundromatresource.com. Check Jordan out at the laundromat resource podcast. Like you said, it's a laundromat podcast. It delivers what it promises. And you've got me interested in this business as an investment for the passive cash flow, for the ROI. Definitely an interesting one as a way to put either some existing assets to work, put some sweat equity to work, and see what else is out there for that.

43:40So Jordan, thanks again for joining me. Let's wrap this thing up with your number one tip for Side Hustle Nation. This does not have to be laundromat related, but it can be. Just whatever entrepreneurial wisdom you'd like to impart. Yeah, I think one of the big lessons I learned was when you work with the best people, whatever it is that you're doing, when you work with the best people, you end up becoming one of the best people. Work with the best, become the best. And that's on both people who are maybe like for a laundromat, for example, brokers or distributors helping you buy equipment. When you work with the best, they're going to help you become the best.

44:17and also, you know, on the employee front, when you hire the best people, they're going to help you propel your business forward and become the best. So work with the best, become the best. I like it. That's a new one. So thank you for sharing that. Jordan, again, thanks for joining us and we'll catch up with you soon. Appreciate it, Nick.

44:41Definitely an interesting option to take a look at from an investment perspective, a cashflow perspective. a potential way to buy yourself an income stream that replaces your day job. But like Jordan said, do your diligence, do your homework, look for inefficiencies, look for opportunities to improve operations. And I think the same strategies apply to buying an online business as to buying an offline one. One of the most popular episodes of the show is my chat with Stacey Caprio on buying up small-ish online businesses eventually enough to replace her salary. But it's not without risk. In fact, I think her first couple purchases didn't turn out that well, if I'm remembering correctly.

45:21But I mean, you're not going to find 20 to 30 % ROI's anywhere without risk. In any case, that was episode 323. If you want to go back into the archives and check that one out. Notes and links for this episode are at sidehustlenation.com slash laundry. Before we go, would you like more money making ideas? That's what my weekly newsletter is all about. 75 ,000 people are already getting it and I would love to send it to you as well. You can join for free at sidehustlenation.com slash join or through the link in the episode description of your podcast player app. You'll also get access to hundreds of members only goodies and bonus files that I've created over the years, including any future ones that I end up building for upcoming episodes.

46:04Once again, that's at sidehustlenation.com slash join. We're about to jump in the time machine to get a real time look at where Jordan's business is today, what ended up happening with that investment pool and the current state of the laundromat industry. But first, let's take a quick break to thank our sponsors. A lot of side hustlers suffer from what if-itis. What if it doesn't work? What if I don't have the skills? What if I pick the wrong path? But one thing 100 % of our amazing guests have in common is they took their shot. They phased down those what ifs and they got their answers through taking action.

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48:41All right, we just got out of the time machine. It is mid-2025. It is four and a half years since we last caught up with Jordan. So give me the rundown. What's the current state of your laundromat empire here? So between partnerships and my own kind of laundromats, I'm at five right now. Okay. But more coming down the pipeline for sure. We've got a couple more that are probably going to close here within the next few months. Yeah. So you ended up starting what you called kind of an investor pool, almost like a syndication, it sounds like, where we're going to go out and try and find bigger, better laundromats and put an operator in place and try and do it more passively than showing up and collecting quarters yourself.

49:26The biggest hurdle for that was actually finding deals and finding enough capacity, enough deals in order to put that money to work. Because of the podcast, because of your reputation in the industry, the raising money problem wasn't an issue. It was like the deal flow or the inventory. Yeah, the deal flow. And so, you know, we tried a whole bunch of different things, including, you know, trying to buy larger portfolios. There just aren't that many of them and they don't come up for sale that often, which is a good and a bad thing, right? It's a bad thing because it's hard to find those portfolio deals to deploy that larger amount of capital all at once.

50:05But the good news of it is it's like a witness to how good the business can be and how you can run a larger portfolio relatively passively. So ran into a lot of obstacles and ended up shifting gears on that. However, since we last talked, a lot more has kind of happened in the industry that is making it more possible. So actually that dream is being revived because there's some new tools and resources available now that weren't available even just four years ago to help us be able to do that. Not only acquire those laundromats, but also, or build, but also to manage those laundromats much more effectively.

50:42it's become a kind of a buzzworthy thing laundromats storage facilities car washes people trying to get in the space has that made it more difficult to shop for to find deals to there's there's more there's more competition there's more buyers out there than there than there were thanks in part to your content to the cody sanchez of the world there's it's become uh it's become a thing oh yeah yeah yeah and not just not just for me or my investment group or anything like that. I mean, just like a lot of my consulting clients are just, they're having problems. There's a lot more buyer demand than there are sellers right now.

51:18Again, which is sort of a good thing and a bad thing, right? It just, it shows how strong the industry is and how strong the business is. But when you're trying to buy them, it's tough. Is there a certain multiple where you're like, this doesn't make sense. Like I've been on the other side of it. I know there's going to be some problems and headaches and challenges. And it's like, at a certain point, I got to go find something else to invest in. We've definitely seen the multiples creep up. I think we talked maybe three to five times the net for the multiple in terms of valuation. Now, we're looking at four and a half to five and a half in most markets.

51:54And in the larger markets, you're starting at five, even for the kind of rundown laundromats. And is there a multiple? I mean, it really depends on your goals of what you're trying to do. Couple that with higher interest rates and all of a sudden that - Higher operating costs, utility costs have gone up, labor's gone up. I mean, everything's kind of gone up. Rents have gone up. Does it still pencil? Like, are you still excited about it as a potential side hustle? Or is it like, I don't know, maybe that ship has sailed. It's still pencils. There's just so much margin in there. And even still at a 5x multiple, all cash, you're still getting a 20 % return on your investment.

52:31And then obviously, if you throw leverage on it, that number can go up from there. So even at a higher valuation, you're still doing pretty well. And that's assuming no growth of the business, etc. So it definitely still pencils. The major hurdle right now is actually persevering long enough to actually find that deal. Any strategies that you're working or you're comfortable sharing on the shopping side or deal sourcing side? We talked about some of the biz buy sell type of brokerages or types of marketplaces. We talked about knocking on doors, driving for dollars. We talked about some direct mail strategies.

53:06Anything else you've seen work for yourself or your coaching clients? All those things are still important to do. Looking for those brokers, doing direct mail, doing some door knocking. You got to get a little more creative, maybe checking Facebook Marketplace, Craigslist type stuff. Working with distributors who sell equipment. maybe checking with maintenance technicians who service laundromats because they're the ones who are going to know when the owners are frustrated and ready to sell first. Okay. Okay. Right. And then work all the different angles. Yeah. Yeah. The main strategy here is increased volume.

53:44Like of as much as you, I mean, I get it. Like we, most of us have like jobs and we have lives and we have families and friends and things to do. But as much volume of direct mail, of cold calling, of talking to broker, like as much volume as you can do, that's going to give you a higher success rate or chances of success in a timely fashion. One big shift. It looks like, I mean, you're joining me from Hawaii instead of SoCal where the laundromats are. So that seems like a big shift in remote management. Yeah. Yeah. Yeah. If you listen to the first one, like the original goal was to get a house on the beach in Hawaii or a condo on the beach in Hawaii.

54:25And we ended up with a lawn. We just took a little detour, a little side path to get there. That's right. Here we are a decade later and finally, you know, across the street from the beach over here, which is pretty sweet. I maybe have even talked about how like for decades, this industry has not changed, has not developed technologically. We're behind the times. However, in the last four years, we've made some pretty big strides. I wouldn't say that we're on the cutting edge or anything yet, but made some pretty big strides in terms of technology, payment systems, operating software, management opportunities to be able to manage remotely.

54:59that has been a game changer. And I would say probably that in combination of an elevated presence in social media has been the main thing that has brought kind of more savvy, more sophisticated entrepreneurs and investors. And we're even starting to see some private equity money trying to creep into the space now. I think in large part is because the awareness has been elevated, but right at the time when the ability to manage remotely, to be able to manage a larger portfolio, to be able to get the data that you need to be able to make good business decisions is now, it's here finally, it's in the palm of our hands so we can utilize that now.

55:43Yeah. So one driver would be like a cashless payment system. So you can kind of manage or you get a sense of performance remotely without having to log in. And we've heard about this in like vending machines, for example, I have to go by the machine to see what's out of stock because it tells me on the app what's going to be needed. And imagine you can do similar things here without having to be on site all the time. It sounds like maybe the building itself can be mostly unattended. You have somebody come in and clean it up, take care of it once a day, check on things, but not on-site 24-7. Yeah, well, and what's interesting too is over the last, I'd say, four years, maybe this is already happening four years ago, but we've seen it kind of accelerate is there's this sort of bifurcation in the industry happening where you've got a lot more tools to remote manage and automate a lot of things, like you said, and you have less of a need for somebody to be there.

56:44But also you've got these full service laundry centers that are developing here where they're fully staffed all times. They're open long hours. They highly focus on customer service. They offer drop off service. They do pick up and delivery out of their locations. And they become sort of a one stop shop for all things laundry, dry cleaning, all that stuff. Right. And we're seeing a lot more of those. It's leading to larger locations. It's leading to higher revenues, but obviously a lot more involved. Sure, more labor involved. Yeah. Yeah, at least initially until you can get management in place and get that machine running from you.

57:28But I've got some buddies who are operating some of these big super centers and are just as passive as, you know, the person running the unattended stores. Yeah, it's funny. one of the most probably the most popular book that's been recommended on the show in the last 12 to 18 months is buy back your time by dan martell and i'm working my way through it but common examples like i really don't you're doing laundry doesn't really light me up you know i don't really right yeah you know check that box of where where's my zone of genius and so more and more people perhaps are shifting towards outsourcing this chore and we've seen services there's a couple kind of like uber for laundry where it's like um poplin is one i think there's another one called hamper or maybe they emerged or something but it's like and and from the side hustle perspective like oh if you are the person who likes doing laundry you can get paid to do other people's laundry have you seen kind of that shift where more and more it's not just the people who don't have a washer and dryer in their house in their apartment it's the people who are like I just don't want to deal with this anymore.

58:33Like you hire this out. Yeah, we've seen a huge explosion of that. And that side of the industry, that service side, the drop off laundry, where you drop it off the location or the pickup and delivery is growing by leaps and bounds. And I genuinely think that laundry is going to become the next yard work. Like where I live, people aren't really mowing their lawns. Yeah. And I think as people learn that I can just drop my, dirty laundry on my front porch and somebody will come grab it and the laundry fairy brings it back clean and folded for me. I just think more and more people are going to opt for that.

59:13Speaking of buyback your time, right? Like who wants to be doing laundry half the day on Saturday? Nobody, right? Well, there are some weirdos that love laundry. I'll just say that. Love doing laundry. I don't know. I'm in charge of the laundry in our house and it's like, it's not, something I dread doing. I mean, the machine does most of the work that you're going to forget. It's an excuse to listen to a podcast or watch some Netflix or something, but it's not the end of the world. But I could see if from the side hustle perspective, like, yeah, the acquisition side has become more competitive here, but also the upside and the pie has maybe gotten a little bit bigger as well on the demand of who's using this type of service.

59:53Yeah. And we're actually seen a lot more people come in solely on the service side or at least initially on the service side, right? So a lot of people are starting pickup and delivery businesses in their communities before owning or without owning a laundromat, right? And they'll just process the laundry at a laundromat or they'll build something out in their garage or in a shed out back or lots of different ways people are doing it. But I've seen a lot more people doing that and doing it as a side hustle kind of before and after work. The beauty of the service side of the business is really the sky's the limit on what you can do.

1:00:32On a physical location, you're limited by your capacity of how much business you can do. But on the pickup and delivery side, Scott, I mean, you can process overnight. You can go to multiple locations. You can go to other people's locations and process it. There's lots of options there. Yeah, that's an interesting, I mean, that's what these kind of startup peer-to-peer laundry type of services are essentially doing. When you build a, a distributed army of contractors, laundry contractors, and we can go out and serve tons and tons of clients. Yeah. Anything else trend-wise or in the personal portfolio that is interesting of note over the last few years?

1:01:08I'm seeing a consolidation right now starting to happen. There's fewer owners owning larger portfolios. This has been traditionally a mom-and-pop industry, right? Like, it's not rocket science. It's just laundry. And yeah, that's something we talked about. It was super, super fragmented. Yeah. And it still is. I mean, it's still by and large is. However, there are more people getting more aggressive about building or buying laundromats and building private equity rollups are coming, coming for you. They're coming. And I think with that comes multiples that start to go up even more. It wouldn't surprise me if down the line we start seeing 10x multipliers in the business.

1:01:49Yeah. All right. Yeah, well, now's the time to get in. If you find one for sale in your hometown, you can find Jordan again at laundromatresource.com, hosting the Laundromat Resource podcast. Any other advice before we wrap? If you can persevere enough and actually find those deals, the rewards are still there for you. And in some ways, that barrier is a good thing because it does weed out a lot of competition. So persevere there and then don't go it alone. Lots of free resources out there. Lots of people out there help you with any side hustle or any investment that you're doing. Just save yourself the headache and borrow somebody else's 10 ,000 hours.

1:02:32Absolutely. Start off on the right foot. Very good. Jordan, thanks so much for sharing your insight. Thanks to our sponsors for helping make this content free for everyone. As always, you can hit up sidehustlenation.com slash deals for all the latest offers from our sponsors in one place. That is it for me. Thank you so much for tuning in. Until next time, let's go out there and make something happen. And I'll catch you in the next edition of the Side Hustle Show. Hustle on.