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Anyone supplement their income with vending machines?
Posted on 6/27/15 at 11:23 am
Posted on 6/27/15 at 11:23 am
Seems like a pretty easy way to supplement your income with little work, as long as you get the right location. What are the ins/outs?
9
Posted on 6/27/15 at 11:41 am to TJG210
My cousin does. Seems like a pain in the arse
Posted on 6/27/15 at 11:48 am to TJG210
I had a very limited conversation with a guy on a plane once that had like 50 so take this with a grain of salt.
I remember him bitching about it, but he was getting to the point where he made some decent money. Sounded like it took a while to find the profitable locations and bail on the less profitable ones. Also, said vandalism was an issue and sometimes when a part broke on the machine it was cheaper to just take out the machine because the location wasn't worth paying a couple thousand for a replacement part.
Sounds kind of like Ilovebama's ice machines and I think we've talked about ATMs here as well. All about location and willingness to deal with the many issues that arise.
I remember him bitching about it, but he was getting to the point where he made some decent money. Sounded like it took a while to find the profitable locations and bail on the less profitable ones. Also, said vandalism was an issue and sometimes when a part broke on the machine it was cheaper to just take out the machine because the location wasn't worth paying a couple thousand for a replacement part.
Sounds kind of like Ilovebama's ice machines and I think we've talked about ATMs here as well. All about location and willingness to deal with the many issues that arise.
Posted on 6/27/15 at 12:02 pm to TJG210
quote:
Seems like a pretty easy way to supplement your income with little work, as long as you get the right location
If it was so easy everyone would be doing it. Like anything else, it takes some effort to make money.
Posted on 6/27/15 at 12:23 pm to VABuckeye
I didn't say no effort, but just something I can handle while maintaining a full time gig.
Posted on 6/27/15 at 12:40 pm to TJG210
i played poker with a guy that does it for a living. Seems to be doing well. I don't ask him about it since I'm not interested about it. We call him the candyman.
Posted on 6/27/15 at 1:36 pm to PeteRose
I played poker with a guy who played so badly it was like using an ATM. 
Posted on 6/27/15 at 2:02 pm to TJG210
I own ice vending machines. It's ok. Lot of headache
Posted on 6/27/15 at 3:06 pm to I Love Bama
quote:
I own ice vending machines. It's ok. Lot of headache
Tell me about this. I have no interest in getting into it, but I'm quite intrigued by the notion. How did you get started in it? How much time and money does it cost at startup? Did someone take you under their wing or did you start from scratch? What kinda return do you get, and how much time do you devote to it monthly? Etc etc etc.
Posted on 6/27/15 at 3:24 pm to I Love Bama
quote:
I own ice vending machines. It's ok. Lot of headache
It is CASH MONEY....that doesnt make the work go away.
Location, location, location......oh, and did I mention location?
Posted on 6/27/15 at 5:42 pm to TJG210
I wouldn't say it's a particularly hard way to supplement your income. You go to Sam's and buy chips, then load them in a machine and take the money out of it. Rinse and repeat. It will just take time, and you will have pounds of change that you have to deal with.
My dad did it once to supplement his income..he had a couple in BR and it was definitely a headache for him. It didn't last too long. Once he went out of the country and asked if I could take the reigns..I was doing a pretty good job, then once I didn't close the machine properly..I came back to check on it a few days later and the machine had been raided
This was in a semi-decent hotel too. People will try to get free shite if at all possible.
My dad did it once to supplement his income..he had a couple in BR and it was definitely a headache for him. It didn't last too long. Once he went out of the country and asked if I could take the reigns..I was doing a pretty good job, then once I didn't close the machine properly..I came back to check on it a few days later and the machine had been raided
This was in a semi-decent hotel too. People will try to get free shite if at all possible.Posted on 6/27/15 at 6:05 pm to TheIndulger
How do you find your locations? When you see a new hotel/business going up do you just go find the owner and strike a deal?
Posted on 6/27/15 at 8:34 pm to lighter345
quote:Rule of thumb: set them up in high traffic locations out in the middle of nowhere. Think about it.. I had 60 machines at one time and my very best locations were in the boonies.
Sounded like it took a while to find the profitable locations and bail on the less profitable ones.
I'm thinking about approaching some apartment complexes and starting anew. And it's not as much trouble as you might think - once you get the process down.
Posted on 6/28/15 at 7:26 am to WG_Dawg
Location is everything.
My biggest problem was fixing the stuff. I'm a numbers guy buy not very good at fixing machinery stuff.
I learned the hard way and had quite a bit of down time.
My best machine grosses 40k a year with 15k going out in expenses. The other ones net about 15k each.
Just trying to get them paid off at this point. My all in cost for them was about 100k each although I've heard it's gone up slightly
My biggest problem was fixing the stuff. I'm a numbers guy buy not very good at fixing machinery stuff.
I learned the hard way and had quite a bit of down time.
My best machine grosses 40k a year with 15k going out in expenses. The other ones net about 15k each.
Just trying to get them paid off at this point. My all in cost for them was about 100k each although I've heard it's gone up slightly
Posted on 6/28/15 at 9:53 am to TJG210
quote:
How do you find your locations? When you see a new hotel/business going up do you just go find the owner and strike a deal?
This? ATMS interest me more so than vending machines. How long do the contracts for locations with businesses last? How much of a cut do you have to give them? Anyone have any insight on how all that works? I wouldn't mind trying it out down the road
Posted on 6/28/15 at 8:55 pm to The Connoisseur
quote:
This? ATMS interest me more so than vending machines. How long do the contracts for locations with businesses last? How much of a cut do you have to give them? Anyone have any insight on how all that works? I wouldn't mind trying it out down the road
I have a good friend that works for an ATM company. He just goes around to different locations asking if they need one, or offers them a better deal if they already have one. You make up the terms. I think they pay the business $1 for every transaction or something.
Posted on 6/28/15 at 10:11 pm to rintintin
Thanks. Still solid margins considering most are around 3 dollars. Curious who else has to get a cut though.
Posted on 6/29/15 at 1:26 pm to TJG210
quote:
Anyone supplement their income with vending machines?
What about setting up ATMs in places like Cortana?
20 withdrawals per day equals $60/day ($3 charge to use it) for one ATM
$60 * 365 = $21,900
Setup 10 of these bad boys and you're making $219K per year before expenses.
This post was edited on 6/29/15 at 1:28 pm
Posted on 6/29/15 at 2:10 pm to I Love Bama
quote:
My best machine grosses 40k a year with 15k going out in expenses. The other ones net about 15k each.
My all in cost for them was about 100k each although I've heard it's gone up slightly
Damn good return. Sounds like it's been worth it.
Posted on 6/29/15 at 2:21 pm to TJG210
I had a few of the table top "MegaTouch" style games in college. It was pretty easy passive income as long as you had a decent location.
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