How Much Is Real Estate Mogul Manny Khoshbin's Net Worth?
Manny Khoshbin has been at the top of the U.S. real estate business for years. The founder of The Khoshbin Company and Fuzul app, he built his life from rags to riches.
How did the real estate mogul go from nothing to having a hefty net worth? Know about his journey from his home country to the US and from being broke to being a multimillionaire.
He Pushed Carts and Sold Candies in Teenage
Khoshbin was not born with a silver spoon in his mouth. He arrived in the US with his family after fleeing Iran in 1985. As an immigrant, he knew nothing about the country he had just arrived at but had the determination to make it big in his life.
While attending high school in California, he started selling goods on weekends and got a cart-pushing job at Kmart at 16.
Unsatisfied with the $3.15 per hour paying job, Khoshbin searched for other jobs and landed at a multi-level marketing firm. He started selling bags of nuts and candies door-to-door. Learning from the experience, he started a company that sold nuts and candies. Meanwhile, he was just at the age of 18 and still in high school.
His first hurdle came when 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 his passion for entrepreneurship.
Two years later, in 1991, Khoshbin was presented with an excellent business purchase opportunity. He was told that he could purchase a Mobile gas station on a mere 10% down payment. He 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 Estate Empire
In 1992, Khoshbin received his real estate license and worked as a loan officer for a mortgage company. It only took about six months for him to start something of his own.
He started his mortgage and realty company, The Khoshbin Company, and started investing in bank-owned and distressed properties.
Khoshbin’s Rise To Success
Khoshbin started with small steps. His first investment for reselling purposes was in a single-family home 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 got a glorious return on his investment as the house’s value soared high. He made over $100 thousand while selling the house.
Instead of getting something for the immediate future, Khoshbin invested the money in three more houses for immediate gratification. The purchase of houses soon turned into small apartment buildings and then into commercial real estate, taking him to where he is now.
Manny Khoshbin's Net Worth
At 50, Manuchehr 'Manny' Khoshbin boasts an impressive net worth.
He was listed under 'The World's Richest and Fittest Guys' title by Men’s Health magazine in April 2011. The article mentioned his net worth at $45 million.
A huge chunk of his property should be credited to his real estate ventures. He has bought and sold over $800 million worth of real estate properties to date, which is almost double his buy-sale figure that stood at $450 million in August 2016.
His strong financial position is apparent from his $30 million worth collection of supercars.
The collection includes 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, and Porsche Carrera GT. It also has two SLR Mclaren roadsters, with one being the limited 722S edition, among many others.
Khoshbin also owned a custom-made, last-of-its-kind Koenigsegg Agera RS. The car cost him $2.2 million with all the personal, over-the-top upgrades like gold-platings and custom tail wing.
After keeping it for five months, he sold the car and made a whopping profit of $1.9 million, the quickest he had ever made that much money. He sold the car to another car collector who took it off his hands for $4.1 million.
In April 2021, he added a new Rolls Royce Phantom Drophead to his collection.
Besides business ventures, Khoshbin makes a few bucks from his book sales.
He published his first book 'Manny Khoshbin's Contrarian PlayBook: How to Build Your $100 Million Real Estate Portfolio from the Ground Up' in October 2012. Then he released his second book 'Driven: The Never-Give-Up Roadmap to Massive Success' in January 2019.