I Bought A CARWASH, Here's How Much $$$ It Makes
Published: 2022-10-02
Status:
Available
|
Analyzed
Published: 2022-10-02
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
An FHA 203k loan is recommended for new investors, requiring only $10,000 down, to purchase multi-unit properties (duplex, triplex, quadplex) in Franklin County, Columbus, Ohio.
"if you want to do it the easy way and not as much work as there is finding a deal and getting investors is to go out and do an FHA 203k loan if he can save up ten thousand dollars that's all he needs he can go into Franklin County Columbus Ohio and he can buy a duplex Triplex or quad Plex for ten thousand dollars"
Pending
With $10,000 down, an FHA 203k loan can be used for a house up to $300,000. Tenant income can be used to qualify for the loan, and the owner must live in the property for one year.
"ten thousand out of pocket can go up to three hundred thousand dollar house he doesn't have to use all of his income from his job to qualify for the loan because he can use the tenants income for that then all you have to do is live in the house for a year"
Pending
A quadplex in Franklin County, with rents of $800-$1000 per unit, could generate $3200-$4000 monthly ($36k-$40k annually). A $300k house mortgage at $2500/month ($30k annually) would yield $8k-$10k profit per year.
"if you're in Franklin County a quad Plex you should be making a thousand let's say eight hundred dollars a unit four units that's 3 200 bucks a month that's thirty six thousand forty thousand dollars a year gross rents the mortgage payment on a three hundred thousand dollar house it's going to be 2 500 bucks a month so 2500 bucks a month thirty thousand dollars a year he's going to put eight thousand to ten thousand dollars a year in his pocket every single year like clockwork"
Pending
Properties in Franklin County are projected to appreciate 5-10% annually due to the Intel plant and job growth in Ohio.
"that property he's going to buy Franklin County percent last year because the Intel plant and job growth in the state of Ohio he should be bringing in five to ten percent a year in appreciation"
Pending
Circleville has experienced an average of 3-5% annual real estate appreciation for 90 years.
"we've had appreciation here in Circleville a three to five percent since the depression so the track record is 90 years in this area for having appreciation every year and it's averaged three to five percent"
Pending
Even in a typical Rust Belt town, real estate can appreciate by 1-2% annually, making it an accessible investment opportunity even for those with less conventional jobs.
"two percent one percent a year and that's how Shea or somebody that's watching this video could get into real estate and then investing with having not a great job"
Pending
A new automatic car wash machine costs $250,000 and is being installed at another car wash location.
"we're in the process of putting one of these brand new automatic machines and the other car wash the only problem is they're 250 000"
Pending
Investing in the best possible equipment, even at a high cost, has led to a significant increase in revenue from the car wash machines.
"it's just something I'm coming having to come to grips with when I do something I need to do it the best possible way we increase the revenue from this machine a ton because we put all new equipment in"
Pending
Recycling reject water from the reverse osmosis machine at the car wash has reduced the water bill by $50-$60 per month, with a setup cost of around $500.
"we've decreased our water bill by maybe fifty dollars a month maybe sixty dollars a month and the coolest part is it took maybe 500 to set up this whole thing"
Pending
The 'sensatron' system in the car wash coin acceptor can be programmed to accept any type of coin, including pennies, if desired.
"this down here on the sensatron is what is accepting or rejecting the coins because you can make these accept pennies if you really want"
Pending
The car wash coin acceptor malfunctioning due to pennies and nickels is a rare occurrence, happening perhaps once in 1.5 years.
"it's never supposed to be that way and I think we've had this problem maybe one time in a year and a half so it's not something that I worry about but it was super obvious that someone had put a bunch of pennies and nickels in it"
Pending
In the 1980s, older car wash and laundromat coin systems could be cheated by inserting two pennies, as their combined weight mimicked a quarter.
"because back in the 1980s you could take say two pennies and put them together and it would register as a quarter because it's like two pennies are the same weight as one quarter and the old systems at car washes and laundromats would weigh the coins so it was a way to cheat the system"
Pending
A coin acceptor that fails to reject foreign currency and instead accepts it, counting towards the time, represents a significant problem.
"if everything's going right this should just reject out of the bottom and not count towards the time it didn't it went down there so that's a huge problem"
Pending
Broken glass was found in the car wash bay, appearing to be a significant amount.
"this looks like broken freaking glass what do you think oh my goodness this looks terrible"
Pending
Besides glass, wire nuts and other miscellaneous debris were found in the car wash bay.
"so we got glass and wire nuts and all sorts of silly stuff doesn't make any sense"
Pending
Screws and a nail were also found in the car wash area, in addition to the glass.
"there's screws too that's great see the screws oh there's a nail"
Pending
The presence of broken glass in the car wash poses a liability risk, as customers could be injured by stepping on it.
"this is a liability someone could step on broken glass and really really get hurt"
Pending
The speaker hired a James Bond impersonator for $35 to record voiceovers for all car wash packages, utilizing professional voice actors for promotions.
"I paid a James Bond impersonator to do the voices I don't know if you guys can hear this here because they're going to repave the road out in front but I paid a guy 35 bucks to do all of my wash packages so I hire professional voice actors to tell talk about my car wash"
Pending