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Passive income

 


Earning passive income from a self-service car wash

I go before, after or during work to take the wash’s trash out, fill the coin machines, and wash dirty car wash bays (the stalls where people wash their cars). I also do preventative maintenance, like oiling the machinery, once a month.

Owning my car wash has allowed me to build a stream of income on top of my 9-to-5 as a real estate agent. Last fall, I had enough money and credit to get a traditional bank loan and buy the wash from the sellers .No matter what method you use to find an interested seller, only gauge their interest on the phone. Save all other questions for an in-person tour.

2. Tour of the property.

During the process, keep these questions in mind:

  • Is it a good location? Is it near heavily trafficked roads? Is it convenient for customers to get in and out?
  • How does the equipment look? Ask the owner how old the equipment is, and how often they service it. If the water pumps are over 10 years old and aren’t oiled at least monthly, for example, it may be a bad investment.
  • Are there easy improvements that could earn you more money? Don’t be afraid of buying a run-down carwash if it has good bones. I was able to double what my car wash was making when I first bought it by buying all new hoses, brush heads, vacuum hoses and attachments, as well as all new logos and signage. I invested in this equipment slowly over my first year in business, and it only cost me a few thousand dollars.

3. Ask to review the finances.

When I bought my car wash, it was already profitable. I would personally never buy a car wash that is losing money.

Make sure the wash’s revenue is covering all of its expenses, like water, electricity, property taxes and the mortgage.

4. Focus on keeping loyal customers.

If the business you buy is in the green, your top priority when you close should be retaining its loyal customers. I clean my car wash and make sure everything works well every day so customers keep coming back.

To grow my clientele, I also added my business to Google Maps and paid about $150 to place targeted ads on Facebook.

The downside to owning the car wash is the cleaning involved, but I don’t mind getting my hands dirty in exchange a few thousands dollars a month.

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