The ATM Business and Kids

Posted on 17. Feb, 2011 by in ATM Business, Atm Deals, Joint Ventures

So you’re probably thinking this will be a cute little post about how kids can succeed in the ATM business and how they can learn about passive income blah blah blah lol

But no…I’m just going to complain about kids for a hot minute. Kathy and I have an ATM with a partner. (We partnered with him to show him how to get into the ATM business.)

This particular ATM is in a roller rink. Obviously there are a lot of kids that go to the roller rink. Anywho, our ATM at this location was down for a few days. Why you might wonder?

Well a dime and a penny were found in the ATMs card reader and that forced the whole entire machine to shut itself down. Apparently the machines have a feature where if they think they are being screwed with they will just shut down so no one can do anything illegal to them.

My thinking was that we put a sign over the ATM that says: Attn Kids: If you damange this ATM you will be GROUNDED!” The ATM has since been moved to be in the path of a surveillance camera. Which is cool.

Luckily, this is a new machine and everything was covered under warranty and we are back in business again!

Note to the kids: you can play with the ATM you see at the top of the post, just not the one at any of our locations :-)

P.S. Don’t forget to check out the free video training that the Diva Money Club is putting on. Awesome stuff!

P.P.S. Sign up for your free info over to the right to get tips, ideas and tactics on adding passive income to your life!

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6 Responses to “The ATM Business and Kids”

  1. eran ofer

    19. Feb, 2011

    carrie, watched a few of your youtube entries and I am intrigued. The biggest question at this point is how much money does each individual machine cost? and how much cash do you need to keep in each one? Do these numbers fluctuate? and if so on what basis?

  2. eran ofer

    19. Feb, 2011

    forgive me for misspelling your name Carey

    based on the costs of buying, keeping machines filled with the appropriate amount of cash and concurrent costs ie maintenance, profit sharing etc. what is the break even point? do you have some kind of spreadsheet breakdown?

  3. Scott Costello

    02. Mar, 2011

    Hey Carey!

    Kids like to shove small things in openings apparently.

    So how is your search for multi unit apartment complexes going?

  4. Carey

    02. Mar, 2011

    Scott….thanks for asking about apartment complexes. Appreciate it. They aren’t going anywhere at the moment. I planned on being knee deep in it right now but unfortunately I haven’t been able to launch my ATM course yet (I’m still waiting on legal contracts from my attorney and graphics from my graphic artist.)

    So I kind of wanted to make sure I get this off the ground and FOCUS on getting that done. THEN….add the apartment complexes to the mix. I did just get a deal sent to me by a couple of brokers that Kathy and I met with that we really liked. I may just take a peek at it and give them a shout ;-)

    Thanks again for asking Scott. How are things going with you? Did you get your first probate deal done yet?

  5. Carey

    02. Mar, 2011

    Hi Eran,

    I’m glad you enjoyed the videos. ATM costs can vary based on the machine and any accessories that you may add to it (for instance a cash dispenser that holds more bills, etc.) The big honking ATMs that most banks use are pretty pricey. Needless to say, that’s not what I use.

    I use a machine that runs about $2k. You can get machines for less than that and you can get them for more. You can buy used; you can buy new.

    We start off all of our machines with $1,500. Yep, only $1500 in 20’s. We have started a machine with only $1k too! Some of our machines now we keep 4k in, 3k in and 2k in. The majority tho I would say is $1,500.

    You can keep as little or as much cash as you want in the machines. It all depends on you and how often you want to or don’t want to fill them. How close or far they are from your house, etc.

    We generally put less in closer units and more in farther units. Also, we put more in units that really kick butt so we don’t have to be filling them every day! Hope this helps.

  6. Carey

    02. Mar, 2011

    Eran,

    No problem about the name spelling. And honestly, to answer your question it’s going to be different for every person and for every one of your ATMs for that matter. And to go even further into it, it will be different depending on what TYPE of profit sharing you’re using.

    Obviously, an ATM that is in a strip club that is making you $900 to $1000+ a month is going to have a break even point a whole lot sooner than say a hotel in a small town that’s only making you $100 positive cash flow a month. And then an ATM in a cash only restaurant near a college town that is bringing in $400 to $600 positive income a month is going to have a break even point a little later than the strip club but a whole lot sooner than the hotel in a small town.

    If you think in terms of real estate investing….normally it takes you 15, 20 or even 30 years to pay off the loan you have on your property. In the ATM business, worse case scenario it may take you 3 years to pay off your ATM. After that it’s 100% profit well minus your small monthly fees. (We pay $15 a month in fees for each ATM.)

    Hope this helps a little bit. I do have a spreadsheet in the course….I’ll see about getting it up on my blog here.

    Thanks for the awesome questions Eran! Please let me know if you have any more.

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