patrick.net

Yes. He always had a shitload of quarters in his trunk. :)

I'm not sure why owning a laundromat would lower your tax liability too much without committing some fraud. Schedule C = ordinary income.

You might be able to expense some machines under Section 179, rather than depreciating them over a longer period of time, I suppose, but the limit on that is $25,000 again in 2014 (rather than the much larger number it had been for a few years).

better know how to fix washing machine and dryer yourself or know someone who can do it at reasonable rates.

Your biggest overhead is rent, repairs and utils. Can't do anything about utils so if the first two is favorable, low risk.

http://www.youtube.com/embed/JdOwTN4-n1I

New Renter says

Except the hookers, they'll class up the joint.

And attract more clients.

EastCoastBubbleBoy says

solar thermal systemm to supplement your hot water heating needs.

Or a combined cycle generator. Ideally you'd be in a strip mall filled with fast food joints looking for an easy, free way to dispose of their waste fry oil.

http://www.generatorsales.com/order/Vegetable-Oil-Lister-Generator-6600-Watt.asp?page=L09989

Thanks Obamacare!

corntrollio says

but the limit on that is $25,000 again in 2014 (rather than the much larger number it had been for a few years).

beggars can't be choosers.

A law office, you can pretty much go anywhere with your good name.

A laundromat, the business is not as portable. If I own the building, I'll give a triple N and a one year lease and one year option. The barrier to entry is so low so easy that you would never worry about someone taking over as long as the location is conduit to a public laundromat. The success of a laundromat is dependent on the demographic/competition and have little to do with operational excellence. If you buy into the business, you are paying for the machines and future returns against the lease. You will spend 50K to make 5K-10K a year. If you have a good deal, you can bet the seller knows the lease is problamatic and sell you that problem. You better extend that shit before the transaction.

Heck, the landlord can easily run the business if you don't and likely most laundromats are owned by the landlord as a matter of owning the building first and decide to utilize it as a laundromat. A laundromat is hardly a business, it's just collecting quarters, like rent.

SoftShell says

Thanks Obamacare!

Nothing to do with that, actually. Nice try. More like a recession-era tax benefit that expired.