Saturday Dec 07, 2024
The $20K/Month Laundromat: Benjamin Wong's Ingenious Approach
Welcome to a new episode of Get Creative! In this episode, we dive into the inspiring story of Benjamin Wong, a SubTo leader in New England, who acquired a laundromat with no money down, no credit check, and no prior experience. Through his creative financing strategies and his ability to build rapport with the seller, Benjamin was able to turn this laundromat into a $20,000-per-month revenue-generating business, and he even brought in private money partners from the SubTo community to join him in the venture.
Highlights:
"This episode is all about how one deal can change your life, and not only one deal, but one deal that you don't have to use a bank, no money of your own, no credit check."
"Our goal is to give the all the money back to our partners, so they are, they are zero money in the deal, and make it infinite return"
"She was so glad at the closing table. She was like, this is the partner, and she just turned the part."
"In her whole life, she has never traveled one day, and all she initially wanted was to retire and go travel. But after my conversation with her, she realized it's more important to see her son to be out of the basement."
Timestamps:
00:00 - Introduction to the concept of buying a laundromat with creative finance
02:09 - Benjamin's approach to building a relationship with the seller
06:24 - The structure of the deal and the use of private money partners
12:00 - The primary revenue sources and profit margins of the laundromat
19:50 - Benjamin's rapport-building with the seller and solving her personal problems
► Join The Subto Community & Learn Creative Finance Directly from Pace:
https://paceapproves.com/subto-gc?utm_source=Apple&utm_medium=video&utm_campaign=getcreativepodcast
► Want to Become a Private Money Lender? Join Us For The Upcoming LIVE Training this Saturday to Learn How to Lend Money on Real Estate Deals:
► Join Our Free Facebook Group to Connect with Pace and his Students: http://paceapproves.com/freefb-yt?utm_source=Apple&utm_medium=video&utm_campaign=getcreativepodcast
► Become a Top Tier Transaction Coordinator and Make Money Doing The Paperwork For Real Estate Transactions:
https://paceapproves.com/tttc-gc?utm_source=Apple&utm_medium=video&utm_campaign=getcreativepodcast
► Listen To Pace and His Students Share Insider Secrets To Real Estate Investor Success:
https://getcreativepodcast.com/
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