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Welcome back to the Laundromat Resource Podcast! In episode 241, host Jordan Berry dives deep into the often misunderstood world of escrow, especially tailored for those looking to buy their first laundromat. Whether you’re just starting out or need reassurance during your first transaction, this episode aims to demystify escrow and set you up for success.

Joining Jordan Berry is escrow expert Justin Suh from New Century Escrow, California. Together, they break down the essentials: what escrow is, why it’s critical for buyers and sellers, and how it protects everyone involved. Justin Suh offers insider tips and explains how to avoid common pitfalls, from clearing tax liens to handling SBA loans, and emphasizes the value of working with experienced brokers.

If paperwork isn’t your strong suit or you’re worried about inheriting unwanted liabilities, don’t miss this episode. Plus, stay tuned for a live Q&A segment, where audience questions get addressed in real time.

Ready to take action? Tune in, learn something new, and discover what you can implement this week to move closer to your laundromat goals.

In this episode, Jordan and Justin discuss:

00:00 "Action Over Consumption"

03:05 Escrow Officer's Family Business Journey

07:46 Agreement & Verification Ensure Protection

09:55 Escrow Ensures Tax Liability Protection

14:14 Risks and Paperwork Management

19:15 "Importance of Experienced Agents/Brokers"

23:08 "Real Estate vs. Bulk Sales"

26:34 Business Purchase Agreement Overview

30:32 Laundry Financing and Tax Liens

32:56 SBA Loan Agreement Challenges

36:22 Tips for Solo Business Buyers

39:43 "Importance of Experienced Real Estate Agents"

42:40 "Choosing Trustworthy Real Estate Agents"

45:48 Seller Guidance: Account & CPA Prepared

50:06 Streamlined Escrow for Buyers

54:24 Escrow Insights with Justin

🔗 Resources and Links:

• Laundromat Resource
• [email protected]
• LinkedIn: Justin S.
• Website: newcenturyescrow.com

Show Notes

• https://laundromatresource.com/show241

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