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447. Unlocking the Profitable Potential of Laundromats with Jordan Berry
Passive Income Unlocked
English - November 27, 2023 11:00 - 31 minutes - 29.1 MB - ★★★★★ - 54 ratingsEntrepreneurship Business Investing apartments business cashflow income investing active investments investors money multifamily Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Have you ever wondered how a simple laundromat can transform into a powerhouse of passive income and provide financial freedom? Discover how Jordan Berry did just that, overcoming initial hurdles to build a successful laundromat business.
In this episode, we explore the unconventional journey of Jordan Berry, a former pastor who ventured into the laundromat business. With no prior experience in business or real estate, Jordan faced significant challenges, from misguided investments to managing a business in a gang-dominated area. Yet, through resilience and learning from his mistakes, Jordan turned his fortunes around, emerging as an expert in the laundromat industry. This episode is a deep dive into the realities of entrepreneurship, the importance of due diligence, and the potential of laundromats as lucrative investments.
[00:01 - 05:11] The Unlikely Beginning
Transition from pastor to laundromat owner Initial missteps and learning curve The importance of research, risks of relying on brokers, and realities of business transition[05:12 - 10:29] The First Laundromat: Challenges and Setbacks
Facing financial losses and operational hurdles Overcoming gang influence The necessity of due diligence and perseverance in business[10:30 - 17:11] Expanding the Business: A Second Venture
Acquisition and due diligence of the second laundromat How to face new challenges The importance of continuous market analysis and diversifying business approach[17:12 - 25:08] Insights into the Laundromat Industry
How to evolve business models in the laundromat sector Attracting a diverse customer base How to expand services for growth and understand market demands[25:09 - 31:47] Closing Segment
Jordan's lessons learned from initial failures The Laundromat Industry's growth and potential
Connect with Jordan:
Website: https://www.laundromatresource.com/
LinkedIn: Jordan Berry
Instagram: @laundromatresource
Course: https://www.laundromatresource.com/laundromat-analysis-course/
Key Quotes:
"If your goal is to leave your nine to five, or your goal is financial freedom, I would probably do real estate second and buy a business like a laundromat first." - Jordan Berry
"The average real estate deal just cannot touch the average laundromat deal when it comes to cash flow." - Jordan Berry
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