Dave Menz bought a rundown laundromat off of Craigslist that led him to make a fortune by quitting his regular job as a lineman.
Dave Menz bought a rundown laundromat off of Craigslist that led him to make a fortune by quitting his regular job as a lineman.
A man who calls himself “The Laundromat Millionaire” quit his 9-to-5 as a lineman after finding a laundromat for sale on Craigslist. Now he and his wife own four locations, manage 40 employees and have a net worth of $3.4 million.
It’s been 13 years since Dave and Carla Menz bought their first rundown laundromat. Now the couple’s clothes-cleaning venture is a million-dollar business. In 2022, their four laundry locations generated $1.8 million in revenue, according to a Business Insider report.
“We’ve really fallen in love with the impact that a newer laundromat with new technology and nice facilities has on a community,” Menz said.
And the money isn’t bad either. In the early days of becoming his own boss, “The Laundromat Millionaire” lived well below his means as he and his wife attempted to save every dollar they could.
Menz came across his first laundromat on Craigslist and bought the business (which was in bad shape) for $85,000, using $30,000 in savings and a small business loan.
He began renovating the business right away as he saw cleanliness, brightness and safety as the three main pillars of a good laundromat business.
Seven months in, the location, which he named “Queen City Laundry,” was bringing in $14,000 a month, but he was only profiting about $1,500 after expenses.
After saving up enough money, he doubled down and bought a second location with no competition nearby. He turned it into a profitable business in three weeks. A few years down the line, the two locations were bringing in $7,000 a month in profit, so he began looking for a third location.
He purchased the third laundromat business for $75,000 and the building for another $170,000. The location alone was bringing in $3,000 to $4,000 each month in profit after renovations were complete.
Menz didn’t stop there. He bought a fourth location for approximately $35,000, and he added folding services to all of his locations to boost revenue.
His strategy didn’t just involve acquiring as many locations as possible, instead he was constantly focused on improving existing buildings. He would find ways to improve cleanliness, and he made sure there were always attendants available to provide assistance.
He eventually sold the original location and opened up a giant facility down the street that also acts as a community hub. Menz views his laundromats not just as businesses, but as “vital community resources.”
Menz’s vision has been about putting the community first and that there is service in every location at the laundromat.
Produced in association with Benzinga
