Investing in Laundromats is Better than Real Estate! Episode #39 w/Jordan Berry

Episode 39 Jordan Berry What comes to your mind first when you hear 'laundromat'? Let me tell you that the dark, dirty image of a place that comes to mind first has much more to it than you've ever thought.For starters, the laundromat business could be an excellent stream of passive income, as my guest for today's episode, Jordan Berry, reveals. As a pastor-cum-laundromat entrepreneur, Jordan explains his journey to increase his finances in a way that didn't require him to be fully invested in it. This thought was passed on to him by his wife, who he regards as a strong force in his professional journey.The laundromat (self-service laundry) business is community-centered, so the focus must be on creating a clean and safe space for different people to do laundry. Jordan gets into the different things he did wrong when starting out on his business, how he fixed them, and what his plans with the future of the business are. Tune in to the episode now!  Shoutout to our Sponsor, Morgan and Co.: www.morganandcorealty.com Success Clues From Today's Episode●       It is great to have a partner to support your business venture, like Jordan's wife in his case.●       Entrepreneurship requires a lot of faith. You have to believe that things will turn out well in the end. About Jordan!Jordan Berry is a pastor and an investor in Laundromats. He is the Founder of Laundromat Resources.Connect With Jordan!Instagram: https://www.instagram.com/laundromatresource/ Connect with Me!Instagram: https://www.instagram.com/drkwashington/Host: Dr. K Time Stamps[00:02] Intro [00:26] Meet [01:44] How Jordan got into the laundromat business[03:16] Making money without putting all your time into it[05:22] Life as a pastor and working in youth ministry[06:21] The roles, responsibilities, and duties of a pastor[08:05] Are people with a nurturing nature generally drawn to the laundromat business?[09:11] The pitfalls of a laundromat business[12:14] Getting started with the laundromat business[12:51] The risks in doing a laundromat business, including capital intensivity[16:18] The mistakes, competition, and challenges to succeeding in a laundromat business[17:34] How to make sure not to unknowingly cause a split in your customer base among competitors[19:07] Learning from mistakes and finding people who’ve made similar mistakes, [21:14] How to succeed in the laundromat industry[24:10] Financial freedom with the laundromat business[25:03] Sharing your knowledge with others so they can benefit from it too[27:55] How Jordan’s wife stood beside him during the humps in the learning curve[31:16] Success clues from today's episode KW Used: self-service laundry, laundromat, InvestAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy