The entrepreneur offered advice on how to generate thousands of dollars in passive income each month.
An influencer revealed how to make up to $18,000 per month from residual income.
Mike Hoffman, also known as @MrPassive_ on X, has shared his top ten sources of passive income.
The first side hustle on the list was operating a laundromat.
A video posted by Hoffman depicted a laundromat owner’s process for collecting quarters from laundry machines, which can total thousands of dollars per month.
According to the laundromat owner in the video, the self-service side of his business generated $2,119 in the five days before filming.
This includes $1,471 in quarterly payments and $648 in debit and credit.
The video shows the owner collecting quarters and cash from self-service machines.
In the video, he claims that the only reason he went to the laundromat that day was to fix a jammed coin slot in one of the machines.
He also claims that his laundromat generated over $40,000 in gross revenue in a single month.
In response, Hoffman shared another video from the Iced Coffee Hour podcast.
The show featured social media influencer Investment Joy (real name Brandon Schlichter), also known as the “Laundromat Kingpin.”
In the interview, Schlichter estimated that his laundry business earns him between $15,000 and $18,000 per month.
When asked, Schlichter stated that he owns only one laundromat.
“I’m trying to figure out ‘how do I get more of them?'” replied the man.
“‘Cause I love my laundromat.”
Schlichter describes how he met an older woman who ran a laundromat and earned around $8,000 per month.
However, she was considering leaving the business because the physical strain of carrying so much change was too much for her.
“$8,000 per month in a dumpy location,” Schlichter said.
“And I was like, I have to buy this business.”
Schlichter has built a sizable social media following by documenting his own businesses, with 3.7 million TikTok followers and more than 2 million YouTube subscribers.
