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I agree with you. He is trying to finance a real estate deal where he is sitting on a lot of empty homes. Knowing how bad the housing market is in my state, I am guessing he will be sitting on them for a while. I am going to talk to him tomorrow and see how he is justifying his price and how...

I should clarify. The other 2 washes were not in the area, just two different ones where the price is high and information is scarce. What is an IBA? Also, someone else mentioned adding Credit cards, how expensive is it to do such a conversion?

Very interesting debate. I thought I was the only one that is torn between the two. I live near a town of 5000 people with high number of renters, apt complexes and trailers. There is not a coin laudry facility within 7 miles. I thought it would be a great place to put one in there. The cost to...

I am unable to post pictures because I want to respect the privacy of the seller. I know a few things about this wash. The owner is definitely motivated as I know the bank is putting some pressure on him to get out. He has been very transparent with me and has shown me his schedule C for the...

Thanks for the answers, here is some more clarifying info. The wash is based in a community that has a traffic count of about 20000 per day. The lot itself is not worth much. the mechanical room is clean, the equipment is fairly new. (2 new pumps, 1 new compressor) The building was repainted 2...

I am looking to purchase a 5 bay self serve car wash. The owner has shown me 5 years of tax returns. Sales are down, but he is still showing a bit of a profit. He claims there is additional cash that is unclaimed. The business is generating around $20K net before adding back depreciation. What...