How I buy laundromats for $0 (Full Process Explained)

hey guys it's brandon with investment joy i am doing my absolute best to answer as many questions as i can about what my life is like being a landlord owning 140 rentals a trailer park three laundromats we're going to start a fourth one at the trailer park um my net worth is over a million dollars i have that question a lot a lot of you guys think i'm a poor hillbilly that doesn't um is it worth anything um that is what it is but one of the things that i want to do with this channel is kind of inspire the kind of person that i was when i was 15 16 18 21 and i had no contacts i had no network i grew up relatively poor my dad had a heart attack everybody i knew when i was a kid was poor the richest person i know worked at a tv factory and that was the high bar for my childhood in terms of money everybody else was declaring bankruptcy churning credit cards and what i mean churning credit cards maxing them out and then declaring bankruptcy to discharge them that's kind of the environment that i grew up in but now i have this you know youtube channel the laundromats i'm making good money um i'm at like between four and five million dollars worth of assets that i have control over that's before i even count the trailer park the trailer park's probably going to be another two to three million dollars in assets that i control when it's all done um i'm not saying that as a brag as much as it is to try and give you guys hope that after 13 years worth of effort on my end i find this place where i'm doing these youtube videos and hopefully inspiring hope to you people on the internet if you like this kind of content do me a favor hit the like button because that helps the algorithm and it makes the youtube people think that i have quality content yeah we're full on them huh but it helps send my content out to people that i've never met before and i hope to inspire other people that have never seen my content before so one of the things that i really aspire to do is have a transparent business with all of the internet to explain to you guys my successes my failures and the things that i struggle with because i struggle with crap every day i am one of the most disorganized human beings that you will ever meet that's no joke i the tripod my camera's sitting on i forgot this morning i had to drive all the way back to my office because i forgot to throw the tripod in my car that's that's what i do i screw up every day but i find that as time goes on i continue to build more and more assets i'm able to take care of my family my wife doesn't have to have a job i'm building equity i'm paying down my mortgages i'm getting out of debt that my real estate's in not consumer debt but house debt asset debt so one of you guys have asked me how did i get this laundromat for zero dollars and i really would hope that you watched the entirety of this video because i'm gonna try and make it as clear as possible i got this laundromat for zero dollars because i have connections and many people say that you have to be rich to have connections i am living proof that that's not true like i said everybody i knew growing up was poor i did get a real estate license at 21 that put me in an environment where i was around rich people all the time and as time goes on i get i get around more and more people that have money and i find something very interesting about people that have money they don't have time see you and i have one thing in common you might not look like me you might not like to sound like me you might be a boy you might be a girl you might be older than me you might be younger than me but we all have 24 hours in a day and we have to choose wisely how we spend them i spend very little of my time on entertainment i don't know the last tv show i watched i spend most of my time working and with my kids sometimes i play games on the computer but not too often so everybody has 24 hours in a day that includes rich people even bill gates has 24 hours in the day i know that's shocking huh but we have to spend our time wisely and for somebody that has wealth and a lot of money sitting in the bank they cannot buy more time so they have to use their money wisely and make investments investments with other people so i had these bright ideas years ago i would go out and i would find rich people that have no time left but they have money and figure out a way to get money from those individuals to go buy assets that i could manage and have control ownership in and use that to build my own wealth it's very easy once you kind of learn what the game is as it stands right now december the 17th 2019 i've got between an extra 5 and 10 million dollars worth of investors that are begging me almost every day to go out and buy something that they can get in i've got two or three people that want me to go buy another trailer park and if you watch my trailer park videos it's not done the trailer park isn't done yet i got people begging me to to go out and buy another trailer park so they can be a partner with on and this laundromat is no different granted this was i bought the laundromat before the youtube stuff exploded so there is that caveat so this one became available in about october or november 2018. i knew the man that owned it and the former person that owned it and i went to the new owner who had shut it down and said hey if you would have any interest in financing 100 that location let me know i'll make you payments now some people try that and they get told no and then they give up the own the former owner of this place told me the same thing that many of you would expect him to say he said heck no i can sell that place for 135 000 i don't want to do it well some time went down the road and then he called me back and said brandon if you can come up with 25 000 i'll sell you the laundromat i'll finance the rest of it and so i came back and i said how about five thousand dollars and then we haggled back and forth and we ended up at eighty five thousand dollars if i could come up with fifteen thousand dollars so seventy thousand dollars in a loan fifteen thousand dollars down so i thought it was a great idea how about i try and get this laundromat for nothing so i went and i wrote a business plan out or a proposal that i could shop to different investors and show them how they could make a nine percent return on this laundromat and then if it ever sells they get a percentage of the net equity that's involved so i shopped it to two investors and my second investor says brandon that sounds like a fun investment let's do it so they sent me twenty five thousand dollars or no forty thousand dollars fifteen thousand to pay for the the um down payment on the property and then another 25 000 to fix the property up there were all sorts of problems but we got it done i purchased the laundromat and i make a payment to the former owner for 537 dollars per month and then my partner slash investor that i go on it i pay him 300 per month taxes run me 120 per month insurance runs me 300. so my mandatory spend is 537 plus 300 plus 120 plus um 300 for the insurance on i don't have i do all these things it's like spit takes i have no notes who yeah that's how organized i am so we'll show it on the bottom of the screen how much money i spend per month to own this place those payments come out of the money i generate off this property standing or maybe they're up there but right above me are two apartments and those apartments generate me about 1 100 per month enough to pay all of my mandatory spend that it takes to own this place so any money this wonderful glorious beautiful amazing laundromat makes is essentially money in my pocket because i can pay the former owner i can pay my investors still i have no money out of my own pocket i might have put a 50 or 100 worth of quarters in the machine when it needed it and to feel like going to the bank so that's how i got this laundromat for zero now i know uh um somebody's going to be on youtube and say brandon you did not get that thing for free and it would depend on what your definition is of friends nobody signed me the deed over for zero dollars but as of today i have essentially no money out of my own pocket to acquire this piece of real estate of which i'm i'm paying down the principal on i'm getting new customers we are building this equity i believe within a year to year and a half time i can cash out refinance the former owner and my partner with an sba small business loan for about 250 000 the cash out refinance i could put a little bit of money in my pocket all the upgrades that i could ever want will be done to this laundromat i will own it outright myself no former owner involved with the seller finance deal no private partner and guess what guys here's the magic of real estate the former owner is happy because he got his money my investors partner he's happy because he got money and i'm happy because i have no money out of pocket and i've used my brain the knowledge base that i have to go and get this asset i do a similar similar scenario to many of the investments that i make i've done it on apartment complexes single family detached houses all sorts of different investments so that i can acquire long-term wealth without having a ton of money in my own pocket i'm using my knowledge because once again people with high net worth they cannot buy their own time so they've got to find other people to invest with and poor kids like me that have a desire to make long-term money and work my butt off um there's a lot of people out there like me that are more than happy to take on investment for big rich people and it's wonderful and guess what guys there's no laws preventing you from doing this yes you're going to have to comply with investment laws yes you're going to have to learn a little bit about sec and how to run a business and how to do things the legal way but guess what you don't reque it does not require a college education for that i still have not gone to college and yet i own millions of dollars worth of assets generating ten thousand tens of thousands of dollars per month i have people make fun of my dumpy little laundromat that only brings in four thousand dollars revenue a month guess what my real estate stuff's over 40k a month and i've done that with very little money to start off with i only started off with twenty five thousand dollars six years ago and now i've got 140 rentals um and it's great it's nice but this video the goal here is to inspire hope for all you people out there that are like me when i was 16 17 especially people out there like when i was 18 and my dad had a heart attack never had the chance to go to college and i had to go get a job on warehouse there's a lot of people out there like that but we have to have wisdom in where we spend our time i do not spend time watching tv sorry guys it's hard to be rich and watch tv all the time that's just one of those things you might have to be willing to give up tv for a while so once again this is brandon with investment joy i really appreciate you guys watching thank thank you like and subscribe if you're so willing to click the notification bell that helps the youtube algorithm too and consider signing up for weeble you'll get two free stocks deposit 100 and they help me me out too thanks guys

Channel: Investment Joy

Views: 197,456

Keywords: starting a business with no money, passive investment, passive income, side hustle, investment joy, no money laundromat, graham stephan

Id: KfcWKl62A5Y

Length: 12min 0sec (720 seconds)

Published: Wed Dec 18 2019