How Much Is Real Estate Mogul Manny Khoshbin's Net Worth?
Manny Khoshbin has been at the top of the US real estate business for years. The founder of The Khoshbin Company and Fuzul app, Khoshbin, has built his life up from basically having nothing to having everything that one could ever want for.
But how did the real estate mogul go from nothing to having a big net worth?
Know about his journey from his home country to the US and being broke to being CEO of two companies and one of the most successful people in the real estate business.
Manny Khoshbin's Teenage Years: From Pushing Carts To Selling Candies
Manny Khoshbin was not born with a silver spoon in his mouth. Arriving in the US with his family after fleeing Iran in 1985, Manny knew nothing about the country he had just arrived at.
But he was determined to make it in the new country. While attending high school in California, he first started selling goods on weekends, and then at 16, got a cart pushing job at Kmart.
Unsatisfied with the $3.15 per hour paying job, Khoshbin searched for other jobs and ended up at a multi-level marketing firm selling bags of nuts and candies door-to-door. His first business took flight when he was 18 and still in high school as he started a company that sold nuts and candies.
His first hurdle, and a big one at that, came as the health department shut his business down for not having an approved facility for packaging food products. Even though he lost his business, he realized that he was meant to be an entrepreneur.
Two years later, in 1991, Khoshbin was presented with an apparently great business purchase opportunity with a little bit of savings. He was told that he could purchase a Mobile gas station on a mere 10% down payment.
Khoshbin made the purchase with all his savings, but it turned out to be a scam, and he lost all his savings.
Birth Of A Real State Empire
In 1992, Khoshbin received his real estate license and worked as a loan officer for a mortgage company. It did not take him more than six months to start something of his own.
Within six months, he started his own mortgage and realty company, The Khoshbin Company, and started investing in bank-owned and distressed properties.
You know how some people start in real estate with a million dollars from Dad? . I started with a paycheck from Kmart. We all start somewhere! . So my first car was not a Bugatti Chiron. . It wasn't a Rolls Royce or even a Mercedes. . No, my first car was a 1983 Honda Accord (in this picture above) four door sedan. . I know it doesn't sound like much, but for me it was a big deal at 17! . I sacrificed for that car. I saved $100 a week from every paycheck to buy it. (That was 80 percent of my paycheck.) And I did that for 52 weeks. . I bought it at auction for $5000. Sacrifice. Hard work. Nothing comes easy my friends, But you know what...that's okay! . Working our way up is what we're here for so keep building those dreams, block by block and focus one block at a time! It took me one year for my first block so be patient and stay disciplined!!! #MannyKhoshbin #realestate #goals #nevergiveup #mentorship #entrepreneur #money #wealth #success #hustle"
Khoshbin’s Rise To The Top Of The Real Estate Business
Khoshbin started as everyone does, with small steps. His first investment for reselling purposes was in a single-family home situated in Gardena, California. He used up all his money and his effort to fix up that house.
He renovated the house with what little he had left—cash and credit, and then put it up for rent. It took two years, but he did get a great return on his investment as the house’s value went up so high, he made over $100 thousand while selling the house.
Instead of getting something for the immediate future, Khoshbin chose to invest the money in three more houses for immediate gratification.
The purchase of houses soon turned into small apartment buildings, then into commercial real estate, taking him to where he is now.
Khosbin's Instagram Will Get You Car-High
Khoshbin is an avid collector of supercars, and his Instagram is basically an ever-increasing supplier of car photos to drool over.
As of 2016, his collection, most of which were worth more than $25 million at the time, had some absolutely amazing cars.
Some of these were three Bugattis, including one Bugatti Chiron, a Full-Carbon McClaren P1, a one-off Hermes-edition Pagani Huyara, the Saleen S7 TT, Porsche 918 spyder, Porsche Carrera GT, two SLR Mclaren roadsters (of which one is a limited 722S edition), the Mclaren 650S Can-Am edition, 3 Rolls Royces, a Lamborghini Aventador SV Roadster, Aventador Miura edition, and two 4x4 Mercedes limited-edition G-Wagons to name a few.
How Much Is Manny Khoshbin's Net Worth?
At 49, Manuchehr 'Manny' Khoshbin has been very rich for a very long time. Back in April 2011, Khoshbin landed a place on Men’s Health magazine’s list titled “The World's Richest and Fittest Guys” where his net worth was mentioned to be around $45 million.
Although there is no information about his net worth as of late, we can assume that his earnings and worth have been increasing rapidly over time.
One basis for this assumption is the fact that he has bought and sold over $800 million worth of real estate properties to date, which is almost double his buy-sale figure in August 2016 that stood at $450 million. Another solid proof for this assumption would be his ever-growing collection of supercars.
Khoshbin also owned a custom-made, last-of-its-kind Koenigsegg Agera RS till a while ago. The car cost him $2.2 million with all the personal, over-the-top upgrades like gold-platings and custom tail wing.
Khoshbin owned the car for just around five months, and it made him a profit of $1.9 million in that period, the quickest he had ever made that much money. He sold the car to another car collector who took it off his hands in exchange for $4.1 million.
Besides being a successful businessman, Khoshbin also makes a few bucks from his book sales: 'Manny Khoshbin's Contrarian PlayBook: How to Build Your $100 Million Real Estate Portfolio From the Ground Up' (published in 2011) and 'Driven: The Never-Give-Up Roadmap to Massive Success' (published in 2018).
Being a contrarian has been my biggest advantage building my wealth in the past 30 years. I wasn’t a contrarian at first. But I learned you make your money on the buy! Buying real estate when most were aggressively (banks) selling and selling back when most were buying in a frenzy. . To learn more read up on my Contrarian Playbook (link in bio)