Ex-police officer made $12 million buying and operating ATMs as side hustle

[ChaliHo]

How an ex-police officer made $12 million in 3 years after buying ATMs for $2,100 and operating them as a side hustle

As a police officer, Paul Alex decided he would be better off by investing in cash-flowing assets.

He initially bought six ATMs and scaled to 30 with the profits he earned.

A decent minimum return on an ATM should be at least $200 a month per machine, he said.

https://www.yahoo.com/finance/news/e...231026334.html

[Rul3]

that and soda machines are surprisingly good investments

[multiplemiggs]

Not bad. Some of those private ATM's charge $2 per use.

X2 on the soda machines. I've often thought about getting into vending machines. With my appliance and electronics repair experience it would be easy to keep them running.

[Zere0wn]

that and soda machines are surprisingly good investments

you into em?

[r32gojirra]

I haven’t used cash in a very long time

How is it profitable

[ChaliHo]

that and soda machines are surprisingly good investments

You have to have the prefect spots to place them, thats the hard part, also its a game of numbers you gotta own a chitload of them.

[Zere0wn]

Not bad. Some of those private ATM's charge $2 per use.

X2 on the soda machines. I've often thought about getting into vending machines. With my appliance and electronics repair experience it would be easy to keep them running.

you fix up appliances as a side hustle? is it worth it? seems easy

[amusclehead]

there's a lot of math problems in that article, but hey, what else is new for yahoo finance 'news' articles that consist of 'I just inherited $20M; can I afford to retire'

btw, revenue <> profit

and they conveniently don't talk about what % of the net profit the locations take for allowing him to put his machines there (could be upwards of 50%).

[ChaliHo]

Not bad. Some of those private ATM's charge $2 per use.

X2 on the soda machines. I've often thought about getting into vending machines. With my appliance and electronics repair experience it would be easy to keep them running.

Its going to be tough to get into it, what I notice is you only start making good money when you multiple machines like 25 plus, you gotta really put in the work to find establishments to let you rent a space to place the ATM or soda machine.

At my local park where they have shows outdoors every Wednesday and Fridays and Sundays, the vending machines are almost always empty. They have 4 of them. But the park is nice they renovated it during Covid and its under a shade were the water fountain and restrooms are and the center is.

I wonder if the city owns those or someone was able to rent out those spots and owns the vending machines. But I always see people buying the drinks they got electrolyte drinks in them and energy drinks and water.

Its two soda machines, one snack and the other one is an ice cream vending machine and they almost always get sold out every week.

[friesbruh]

mirin

[JackyChin]

made it his full-time job where he provides the ATMs for those who also want to embark on this business.

So the ATM salesman says it's a good idea to buy ATMs?

Also, it's $12M in revenue, not profit.

[r32gojirra]

^^^many years ago businesses like bars etc would let ATM operators keep the machines in their premises for free, because providing EFTPOS was expensive and having the customers be able to withdraw cash on site was good for business

Nowadays though everyone has electronic payments so I can’t see a ATM business being profitable at all

[metroins]

Math not adding up.

I used to insure ATM guys. AIG required arm security fill the machines, so the owners had to go get a security license. Cop likely already has that. I don't remember the premium on the policies.

[ChaliHo]

^^^many years ago businesses like bars etc would let ATM operators keep the machines in their premises for free, because providing EFTPOS was expensive and having the customers be able to withdraw cash on site was good for business

Nowadays though everyone has electronic payments so I can’t see a ATM business being profitable at all

Casinos or Arcades would be the most lucrative spot. Thats the only time I really use cash if I go play some slots or like an Arcade.

Before the best spots were COIN Laundry but the coin laundromats owners put their on ATM and vending machines now

this why these vending machine businesses are HARD, you cant get a free spot anymore and now liquor stores, laundries, and arcades and other places that rely on cash and coin just rent the machines themselves so you can't really find a spot anymore

not many people use cash or coins anymore like you said.

I use my card when buying groceries as well, I dont bring cash and never felt safe with hundreds in my wallet.

[multiplemiggs]

you fix up appliances as a side hustle? is it worth it? seems easy

It was in the 2000's when there was a chitload of washers and dryers with the same parts, all metal wash tubs thick steel bodies, and no computer bullchit.

Where I am back at that time it was about 80% Whirlpool, Kenmore, Inglis. They were all the same. I use to rebuild everything myself even the transmissions. That was good money. Electric stoves were good too. Used to pick them up for free most times and I'd resell clearing 75 to 100 bucks on a washer sometime more for the newer stuff.

I could tear one down and have it back together and running in about an hour.

These days there's too much cheap junk machines, parts and variations to the machines to make money like I did back then. Now the washers are almost disposable unless you start servicing coin op laundromat stuff. There's still money to be made but not like it was, which is pretty much the same for any repair business. Appliances, Electronics, Small Engines, Power tools, ect.

[multiplemiggs]

Its going to be tough to get into it, what I notice is you only start making good money when you multiple machines like 25 plus, you gotta really put in the work to find establishments to let you rent a space to place the ATM or soda machine.

At my local park where they have shows outdoors every Wednesday and Fridays and Sundays, the vending machines are almost always empty. They have 4 of them. But the park is nice they renovated it during Covid and its under a shade were the water fountain and restrooms are and the center is.

I wonder if the city owns those or someone was able to rent out those spots and owns the vending machines. But I always see people buying the drinks they got electrolyte drinks in them and energy drinks and water.

Its two soda machines, one snack and the other one is an ice cream vending machine and they almost always get sold out every week.

Yeah it would be a matter of finding a location, and then finding a location where they're not going to get vandalized.

[Zere0wn]

It was in the 2000's when there was a chitload of washers and dryers with the same parts, all metal wash tubs thick steel bodies, and no computer bullchit.

Where I am back at that time it was about 80% Whirlpool, Kenmore, Inglis. They were all the same. I use to rebuild everything myself even the transmissions. That was good money. Electric stoves were good too. Used to pick them up for free most times and I'd resell clearing 75 to 100 bucks on a washer sometime more for the newer stuff.

I could tear one down and have it back together and running in about an hour.

These days there's too much cheap junk machines, parts and variations to the machines to make money like I did back then. Now the washers are almost disposable unless you start servicing coin op laundromat stuff. There's still money to be made but not like it was, which is pretty much the same for any repair business. Appliances, Electronics, Small Engines, Power tools, ect.

I was considering picking up **** off marketplace for free and fixing it, i've done some appliance repair and it wasn't too bad. just minor things though.

[ChaliHo]

Yeah it would be a matter of finding a location, and then finding a location where they're not going to get vandalized.

The downside is the only people who really use vending machines and ATMs are poor folks, ghetto blacks, and latinos and white trash, the atms the poor folks get their first of the month money an duse it with their government card.

Dont they have new vending machines that take credit? If they have a vending machine that takes credit that would save trouble it goes straigh tto your account,

I heard stories on youtube of people who owned vending machines went to collect them and then get jumped and robbed when you empty out the machine and restock.

[pondus_levo]

This bish is just a scam artist getting kickbacks off her stories.

https://twitter.com/lailamaidan/stat...67774010404865

[ErnieMccracken]

I am a BIG fan of solo entrepreneurs, but the math here is a little fuzzy lol

[TCmaxxing]

Something doesn’t add up. At such a low barrier to entry, you would think there would be way more people who already knew and did the same. So how does someone make $12m with such a low skill business and that many that can already do? Shouldn’t there already be at least a dozen people competing to buy and place an atm at every place he placed it at?

[MetroBrah]

Met a guy that was a vending machine mogger. His day consisted of wearing gold chains and Hawaiian shirts going around collecting money from the various vending locations. I assume he also made sure they were stocked.

[multiplemiggs]

I was considering picking up **** off marketplace for free and fixing it, i've done some appliance repair and it wasn't too bad. just minor things though.

That's how I started except for ********. I was pulling them out of scrap yards as I already knew everyone in the scrap business. Once I got enough stock I was doing $10 off if the customer brought out their old appliance. Saved big on time and fuel going to pick them up.

If you run into a landlord with several rentals they'll quickly become some of your most frequent customers.

The downside is the only people who really use vending machines and ATMs are poor folks, ghetto blacks, and latinos and white trash, the atms the poor folks get their first of the month money an duse it with their government card.

Dont they have new vending machines that take credit? If they have a vending machine that takes credit that would save trouble it goes straigh tto your account,

I heard stories on youtube of people who owned vending machines went to collect them and then get jumped and robbed when you empty out the machine and restock.

They seem good in a way and in another way it seems like a lot of hassles and risks like this, especially for a side gig. A chitty enough neighbourhood and you'd get cleaned out just for your stock.

Ice cream would be a pain cause you'd have to have a place for frozen stock and get it to your location quick.

[Visel]

I can see a current use for it.

There's still some clubs/venues that require cash for the cover, deferring their customers to a nearby ATM if they came up expecting to use their card. My favorite bar requires cash, no cards allowed, for the entry fee if there's PPV.

Also marijuana dispensaries in some states require cash, so those would be good ATM locations too.

[ChaliHo]

Math not adding up.

I used to insure ATM guys. AIG required arm security fill the machines, so the owners had to go get a security license. Cop likely already has that. I don't remember the premium on the policies.

yeah I remember when I was at CVS and they had an armed Brinks truck guy coming in to refill the ATM there. I wonder how much that cost, ATM's and Vending Machines dont make as much money as they once did, maybe if this was early 2000s you would be able to make six figures easy but now most people just use credit cards, heck I go to amazon fresh without a creditcard or cash they got my account locked in and I check out easy.

[jimbob007]

Not bad. Some of those private ATM's charge $2 per use.

X2 on the soda machines. I've often thought about getting into vending machines. With my appliance and electronics repair experience it would be easy to keep them running.

Imagine paying somebody to take your own money out of your account.

[Kiop]

not easy as
it sounds, but
worth the risk

[conics]

I’m thinking of starting this or vending machine business

A good idea?

[multiplemiggs]

Imagine paying somebody to take your own money out of your account.

I know. I came close to having to use one and bailed on it when I found out the price and drove the other 12 miles to my bank.

[LtGoose]

I’m thinking of starting this or vending machine business

A good idea?

Vending Machine business is all about location. All the good spots are already taken by a bigger company. You have to offer some of your profits to whatever business you're going to set up the machines in. That's why it's only profitable if you buy a chit ton of machines. Last time I checked you're looking at about 10k per machine for the modern ones.