Advice Needed: Should We Own or Lease Laundry Machines?
We're a coop in upstate NY (yes, there are a few of us up here). We've had one of those horrible laundry contracts (self-renewing, we pay all utilities, received very small rent fee). The contract has expired and shareholder/tenants want to see the laundry become a revenue stream rather than a constant expense for the building. Just starting our research. We've seen the general literature on the web regarding energy efficient machines, the ruling against "right of first refusal clauses," and the different ways to go: co-op owns machines, co-op has revenue-sharing lease with laundry company.
Does anyone live in a co-op that is happy with its revenue stream from its laundry rooms? How did you do it?
Does anyone have experience/opinions on owning vs leasing of equipment?
Or any experiences, good or bad, with laundry service providers?
Anyone have a great leasing contract and care to share the name of the attorney who negotiated it?
We're eager to learn!
Thanks in advance for your time.