Laundromat just went up for sale near me, what's the best way to get a loan?

★ signal-weak r/smallbusiness · ↑ 99 · 💬 98 · 2025-05-11 · kw: buy box price · open on reddit ↗

Tool

none

Issue

First-time business buyer lacks capital to purchase laundromat at asking price and needs guidance on loan acquisition methods.

Cost

unstated

Recommendation

SBA loan (consensus); owner financing as alternative; due diligence on revenue verification and maintenance skills required

extracted with

anthropic/claude-haiku-4.5 · 2026-05-08

Body

So for context, this would be my first actual business. I have been talking with the owner and I think the price is pretty fair for what they're asking and how it's operating. At the moment I don't have the money they're asking for, so im trying to find what the most effective way to get a loan that way I could go through with buying the business.

Top comments (7)

[score=1] AutoModerator

This is a friendly reminder that r/smallbusiness is a question and answer subreddit. You ask a question about starting, owning, and growing a small business and the community answers. Posts that violate the rules listed in the sidebar will be removed. A permanent or temporary ban may also be issued if you do not remove the offending post. Seeing this message does not mean your post was automatically removed. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/smallbusiness) if you have any questions or concerns.*

[score=229] plucharc

If they're a coin laundry, spend a week there counting coins and watching the business to make sure they add up. You may also want to look at their utilities to make sure it backs up the revenue they claim.

[score=41] hjohns23

SBA if you're in the US

[score=35] [deleted]

[deleted]

[score=44] Phase4Motion

See if they’ll do owner financing, pay them out of the profits.

[score=18] daddybearmissouri

How good are you with plumbing and electrical? Do you know how to take machine apart and put it back together? I ask because if everytime you have an issue you are calling a repairman you will be bankrupt in 6 months.

[score=16] frusciantepepper

Why are they selling?