One of the best ways to make a bit of additional money with your rental property is to consider renting laundromat equipment, mostly because it can provide you with a whole host of benefits. Listed below are just three reasons to rent your laundromat equipment (from an outlet such as Metropolitan Laundry Machinery Sales Inc.).
Low Upfront Costs
The biggest benefit to renting your laundromat equipment is the fact that there are very low upfront costs as you will often not have to pay much out of your own pocket to have the equipment set up. In most cases, the most that you will have to pay is a simply delivery fee and a deposit on the equipment.
This is a big advantage when compared to purchasing commercial-grade washers and dryers that can easily end up costing you several thousand dollars. However, when you rent the equipment you can often end up simply paying for the rental fee out of the money that you collect from the machines as your tenants use them. Granted, the rental fees will add up over the years, but rental equipment will be much cheaper in the short term.
Higher Quality Equipment
Another reason to consider renting the equipment is because a lot of rental companies will supply you with high-quality machines. The reason for this is that most rental services are going to want to purchase equipment that can be reused and rented by multiple clients for years to come, which is why the rental services often go out of their way to purchase higher quality and very durable equipment.
This is also a great benefit to you because the higher quality will mean that it is less likely that any of your equipment will fail and cost you money while you are waiting for a replacement. Sure, you can buy the same high-quality equipment outright, but that equipment is going to end up costing you a lot of money.
Flexible Payment Options
Finally, renting is a great choice because many services that rent laundromat equipment will be willing to offer flexible payment options. For example, you can choose to either pay a flat-rate rental fee every month for the life of the contract or a rent-to-own deal that will result in a small portion of your rental fee every month being set aside to pay for the equipment so that you can eventually own it.
Another payment option that is often offered is to simply give a percentage of your monthly earnings from the laundry machines to the rental service. The upside to this is that you will not end up stuck paying for a rental fee that is potentially higher than the amount that you earn from the laundry machines and have to pay the difference out of your own pocket.
Contact a laundromat equipment service today in order to discuss the various rental plans that they offer. These rental plans can provide you with flexible payment options, low upfront costs, and high-quality equipment.