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There are basically two ways to provide coin-operated laundry equipment. First, you can purchase your own equipment. In this case you will have to invest capital in the purchase and you will be responsible for its maintenance. The latter will not necessarily be an issue because new equipment will come with warranties and additional extended warranty periods can be purchased. In any event, if it’s your equipment, you keep whatever ends up in the coin boxes.
Second, you can contract with a coin-operated equipment vendor. In this case, although there are a variety of possible contract terms, usually you will not have to invest capital and the vendor will take care of maintenance. The vendor will also usually empty the coin boxes and send you a check for your share of the collections. If you decide to go the vendor route, it is best to choose the vendor based on recommendations from other landlords.
When renting anything other than living space, you will probably want to consider having separate leases that are completely independent of the living space. A primary reason for doing so is that the laws for regaining possession of leased personal property or leased non-residential space are significantly different than for re-gaining possession of residential unit itself which can require an eviction. The details of such issues are beyond the scope of this course. Because laws vary greatly among the states, landlords who are interested in considering rental of personal property and/or non-living space should consult sources of information on the subjects or a competent attorney.
Other possible profit centers include pay phones and vending machines. Vending machines can include laundry items, snacks, and various kinds of drinks. Again, landlords can buy their own equipment or contract with a vendor. Which route is best for a particular landlord depends on how much time the landlord wants to devote to servicing the machines including the purchase of items.