MANNY KHOSHBIN: How I Made It From Homeless To $250 Million Real Estate Mogul & Luxury Car Collector

hi I'm Manny Cashman I went from selling nuts and being homeless to being a multi-millionaire in real estate and exotic cars and I wanted the passionate view I think the interview was fantastic again it was my first podcast but I really enjoyed Omar and the questions he brought up and really took me back in in the early years of my business and success and it was kind of refreshing success is hard but it is doable get out of your comfort zone Wow challenge yourself Wow unless you challenge yourself you don't grow so welcome this episode of the passionate view podcast today it's your host Omar and today we have a very special episode as we have an exclusive interview with Manny coachmen known as the king of real estate we get to hear how many came to this country as a young teenager from Iran seeking to escape the war and actually lived in his car instead of a parking lot with multiple family members and never lost sight of his vision to make his American Dream happen and of course to date Manny has acquired and been involved with real estate transactions nearing almost 5 billion dollars and of course we shared his entire story of literally going from that rock-bottom situation knocking on doors selling his product buying a gas station and losing it all many times over but ultimately proving that he would have never give up Manny talks all about manifestation working hard and if you want to be inspired or motivated to make your dreams a reality you'll want to pay attention to the very end of this interview because Manny's story is proof that if he could do it you could definitely do it as well so no further ado I want to encourage you guys to sit back relax enjoy this powerful interview with none other than the king of real estate himself Manny coachman enjoy [Music] thanks for being on the show today Manny my pleasure absolutely my man so let's get right into it a lot of people might see you on social media they see the massive multi-million dollar real-estate Empire you built but a lot of people don't know that you came from kind of humble beginnings right yes so talk to me a little bit you know before you build this multi-million dollar empire where did you grow up what was your childhood like and sort of where did you start where did the ball start rolling for you as a kid oh I'm from Iran and in 1984 right before I turned 14 my dad decided to flee Iran to basically save my life because at 14 they drafty - are me and my dad having six brothers for being crippled or dead by now from the injuries from the war and I was his favorite son he didn't want that to happen to me so we flee - two weeks before my 14th birthday with $2,000 we went to Turkey got a visa came to us he had a friend in Costa Mesa that had a gas station and had promised him a job you know pumping full service gas so we took a taxi from LAX to their house and I guess he hadn't communicated to his wife that there is six people moving in because a surprise at the door yeah that didn't go too well the second night we were there we can't we could hear them fighting in the kitchen and then he walked into the room he says I'm sorry you guys have to you know leave and my wife's having a problem bla bla bla so we moved to a motel after weekend motel my dad realized we're running out of money so he called his buddy cuz this is not right you know I brought my you know kids over here counting on you and my sister was six months old at a time so it was pretty you know you know as stressful you know for my parents sure yeah and so there his buddy says hey I can sell you one of my cars because he used to sell cars at his gas station a lot I can tell you one of the cars and you know at least you have a something you know to drive around or live in so we went over there picked up a station dots on a station wagon and that became our house for a you know few months Wow yeah how dirty this time is fourteen I was 14 living in a Dodson car yep six of us yeah Wow and I don't even maybe it was a few weeks you know you know sometimes when you go through trauma in life you you you're self-conscious you know blocks it you know when certain things are painful it waters it down a little bit yeah and you know memory gets a little foggy because not because you don't want to remember it because they painful you know yeah but nevertheless you know it was the attitude like in the car was it like [ __ ] were in a rough situation or was it kind of like positive upbeat was it like a supportive do you remember the the sort of energy or was it tension I mean what was it like I'm definitely tense you know tense and a stressful and anxiety obviously you know when you don't speak any English you come to this country with no resources and my dad didn't speak English because he was you know educated back in America at some point for for his degree he was a senior cost accountant for oil company and but none of us are speaking any English and you know you feel helpless you know yeah and where you pick up read oh yeah yeah school wasn't funny there the first two years I had a very rough time I had three hours of ESL classes really yeah because I didn't speak any English and so I got picked all the time I was a very skinny boy short skinny boy in and I think that's one of the reasons I started weightlifting early on ever since I was 14 and a half I cert lifting you know I bought my first two dumbbells from swap meet for a dollar the you know 50 cents each and I wish I had kept them you know but those were my best friends and that's how you built your confidence right yeah yeah you know to me you know exercise is like a you know probably the most influential thing in my life and you probably get that from a lot of entrepreneurs right as entrepreneurs most of them work out they have good physique and you know you build your body first and then you you build your mind your mindset you know and as you see results improvement your muscles your body your mind starts getting more confident as well you know and starts translating in a business life other areas communication absolutely absolutely so that's been a maybe key for me and to this day I still work out three times a week Wow yeah you got to and you never quit you know I love it so let's go back so you're living in the car 14 times are tough how do you guys eventually get out of get out of the car yeah so my dad used to get the newspaper every day look for you know job opportunities finally landed the accounting job because that's what he's education was in accounting and he got the first job and then as soon as he's two weeks goes by he gets his first paycheck we go out to an apartment complex and wow he's able to you know secure an apartment how happy were you at the time how happy was the family when you guys moved in oh you're very excited yeah because it's like you know as a fresh beginning you know and but I always had that anxiety of you know everyone's going through hell because of me so I've always had this guilt you know on my shoulders that I have to do something big I got to do something to pay back my parents and how old were you when that started Oh 14 really it's the right way yeah yet all your siblings feel the same are you especially yeah mostly me yeah oh because my dad left it you know everyone suffered because of me so I kind of like you know I was desperate to you know succeed yeah to kind of give everybody comfort and you know and so I was since I was 14 I was always on the lookout what can I do to like you know help my parents you know and the first idea that came to my mind was when I was taking out the trash I was 14 years old from our apartment and I see you know people left dining you know chairs out toaster and what happy I'm like why is what are people leaving this out I mean this the church is in good shape you know I could sit in it the tables in good shape yeah I'm like first it didn't dawn on me that you know they're throwing it away you know I think somebody's moving in but after a few hours I came back and he was still there so I call my I told my brother say hey Marty come on down so we moved it to our patio yeah and then we start collecting stuff that people didn't they wanted to throw out and then we lived across from Orange Coast College which on weekends it was a swap meet you know and we used to go to swap meet all the time with my mom to buy stuff for kitchen and what have you and so I told my brother said let's go sell that stuff we collected you know it's free so that was my first job you know at 14 for two years we did that it was free money you know the I think we paid like ten bucks a spot for for the swap meet and then everything else we sold was all profit yeah so that that's how I was helping my dad and then when I reached 16 I was legally able to work so my first job was K Mart Kmart yeah Kmart Wow attention Kmart shoppers so think now you're living at a 35 million dollar state we're around you know multi million dollars worth of cars it all started at Kmart okay Marley kennel Ozma yeah three dollars and fifteen cents an hour no way 1986 yeah well I was a regular clerk I had to collect shopping cars clean cleaned a stockroom mopped the floors clean toilets so basically all the dirty work you know why do you want once you do for three dollars and 15 cents yeah an hour yeah I love it yeah I was like making five six hundred bucks a month that was my salary you're probably excited at the time though right oh yeah are you kidding because back then they paid cash - there wasn't paycheck so they used to put you know when you got to get your paycheck every Friday everybody lined up at the HR office Human Resources and they put cash with the coins everything the change in the envelope they're still thanking you give it to you yeah sorry take a hundred bucks out of it my pitcher was like one hundred twenty hundred thirty bucks a week but over time what have you and then I used to take a hundred dollars put it in a new envelope seal up around on my mattress let her get under my mattress so I did that for one year and I was able to raise $5,000 and then I went to buy my car at auction so even back then I wanted to get deals you know at age 17 where did you learn that discipline it was your family into the discipline or you just sort of picked it up a Mike well my grandpa had a grocery store in Iran so I used to go to his grocery store all time and I saw him dealing wheeling with people maybe that kind of I don't know inked in my brain yeah you know what was it your first car the $5,000 oh it was a 1983 honda accord and burgundy so at 17 my car was better than my dad's that's when I knew I'm gonna be somebody yeah so then from there you you know you start building the confidence of like okay I'm starting to make my own money I know how to save where does the seed get planted where you start I think selling nuts right it was that yes entrepreneurial endeavor from there yeah well you know I always knew like anything I'm doing early on is a stepping stone you know what that mentality I had a you know I had a much bigger picture in my mind you don't want it to be a multi-millionaire I wanted to own a bunch of exotic cars a big mansion as a matter of fact at age 15 or 16 I have to go find a picture I drew a mansion with some palm trees in front of it and two Mercedes back then I didn't know what the Ferrari or Lamborghini Mercedes right yeah so I I drew two convertible Mercedes with palm trees and I have to find out somewhere in my attic probably has its own but so you know you you envision your dream where you want to be and then your subconscious will take over if you're you know if I really put the effort your subconscious will do the rest it will figure out the how yeah it's kind of like pouring water on top of the mountain it will find a way to get down right you may go straight you may go turn left you got to pour the water you got to poured the water and most people don't huh and to pour the water you gotta climb the mountain I love it so let me ask you this where did that start I mean I know you said at 14 you always wanted to achieve but where did it go from just wanting to achieve to wanting to be a multi-millionaire with palm trees and Mercedes man Shannon good question yeah so when I was getting my paycheck I realize like I took me a year to buy a car at this rate I'm this mansion took me ten years Bob sure yeah but I was always discipline I was always early to work I never called in sick you mean if I didn't feel good I showed up so I was Employee of the Month three times in first six-month Wow at Kmart after eight months I was promoted to assistant of assistant manager of a sporting-goods which is huge going from mopping floors to assistant manager of a sporting goods yeah no answer yeah and they give me a raise it was almost double my paycheck but still I realized okay this is not a place you know I'm gonna build my dreams right so it's just like a going through that you know college or school a street getting street smart you know and so I was always looking at the newspaper looking for opportunities and I came across this ad is word world wide industries was the name of WWI and he said earn a thousand dollars a week I'm like wow that's you know a lot more than I'm making and I called them up they said yeah it's a multi-level marketing we sell knife sets knots there's that so I went for interview they hired me and I worked there for three years selling nuts how old were you at that time I was seventeen and a half so seventeen to age 20 yeah I work for Kmart for a year and a half and then I went to work WWII selling nuts after three months I was their top salesman really yeah what was your strategy a strategy nothing I I was friendly with everybody you know I saw you would knock on doors or what was yeah it was businesses so we we would we would take a basket of nuts and go to like auto dealerships and you know all these secretaries sitting around salespeople they got nothing to do there waiting for customers to come into so again they can you know paranoid so they love jelly beans Toffees jujubes pistachios cashews you know almonds to kill time comes yeah you know everybody likes thing so we walk in there and say I got these fresh you know nuts and javaee have you tried these you know I'll make you a deal if you buy three I give it to you for 10 bucks three five bucks each so I give you five bucks off and then I would you know people would gather you know as soon as I walk in there check hey what do you have yeah I'll take three of this on next one I said 150 bucks you know in ten minutes yeah walk out until the general manager would show up yeah it was rough though one time it I was at I think it was Pomona Auto Center was at a Toyota dealership if I'm not mistaken the GM was a real [ __ ] he knew every week I come and then he caught me right when I walked painting for everybody and he's my but you know that you camera right there you [ __ ] no way yeah yeah back then you know discrimination was obviously yeah much more than now but so anyhow so after three months I was top salesman I was making like you know two or three thousand a month and I went to Costco with my dad to do some grocery shopping and then a while I was passed my and I saw them not oil I'm like hey I did quick math I'm like they selling a five pounds of pistachio for you know five bucks on deputy WI so I'm gonna pay for it ten bucks you know so I'm like that's double that cost so I said why don't I bite myself I may have all my routine and make a bigger profit yeah yeah so I looked into Yellow Pages looking for polyester bags and a sealer so I found it I bought it I ten I spend hundred eighty bucks on you know the ceilin and some polyester bags and then I used my dad's PC to printer labels and I start my own business I was 18 I won got a small little office in Staunton my dad had to co-sign because you know that landlord wouldn't give it to me yeah and then I start you know I had my customers already so I went to Costco at my dad I but like you know a pallet of nuts and then start bagging him in a 8 inch polyester bag and and I was off to races and I start hiring people I used to go to phone you know phone boots and put these phone numbers you can want to sell not take off yeah well I didn't say noses you know I I was putting earned $1,000 a week on something that got you yeah same exact hat yeah smart yeah so then let me ask you this at what stage do you start going huh like I could scale this like just when you started making enough to like bring people on like did you think this was the player were you sort of living out what you said about like you kind of knew that everything was a stepping stone you don't know how it was gonna unfold but you just know yeah well at that time the owner of deputy I was driving a brand new Corvette was in his sharp suits and he had like 300 people working for him so like I saw that bigger picture I'm like this guy's gotta be a multi-millionaire so to me that was my like ticket right to financial freedom but you know destiny takes you different paths in life right and you don't know it's like you know a book you know it's writing as you go along right yeah yeah so I was selling nuts one time at waiting for my burger I pitched everybody saying the restaurant have to sell nuts while I'm waiting for my burger and that's one guy bought three bags and next morning 7:00 a.m. I show up and he's at my door he was a health inspector for Orange County oh man yeah he goes hey I don't see your permit on file I'm like what permit he was you're selling food product you're packaging food you can sell with that permit I didn't know yeah that in this country every time we repackage food for resale purposes you have to have you know we go facility and yeah so he gave me a big booklet he goes you know this is all the requirement so I revealed with my dad that night I'm like forget it I mean that's it doesn't mean even qualify yeah so I had to shut it down and that was a sad day but Wow yeah being a 21 at that time no I was 19 I was only in business for less than a year okay yeah so I called one of these customers I used to buy a lot of nuts from his name was Reuben he was a manager of Winston tires in Montebello because I used to drive for high school from San Diego all the way to Montebello selling nuts which is interesting because we're here in Orange County so you grew up around this area yep and it's awesome to see a you came full circle from having nothing to having a whole lot of stuff all in the same area yep so it must be nostalgic for you when you drive the streets and remember when you were broke oh my god yeah and multi-million dollar cars what does that feel like for you it feels weird you know it feels crazy you know like stay there brothers on Newport Boulevard in in Costa Mesa that's where we used to park our Datsun and used to live in IBS to go buy bananas because that was the cheapest source of food yeah you know and sometimes that dry biter I mean my book idea on my rolls-royce right there but I'm not there anymore you know man that's gotta keep moving yeah you know so after that I called Ruben at Vincent tires is there Ruben you know I had to close my business down because I've held apartment blah blah blah I'm looking for a job I don't know what else to do I have somebody and he says well give me a call you know if you like I can put in a good word for you with Sam Wednesday and blah blah blah so that night I went home I talked I told my that's how I'm thinking to go work for a tire company you know because I have some money saved but I don't know what to do with it right I like 20,000 dollars saved and then my dad says all my friend was telling me we can buy a gas station you know with SP alone so he called his friend he came over that same night his name was art he's like yeah at 20,000 I can for sure find you a gas station right now gas stations are going through conversion 2-digit going digital right from mechanical pumps and everyone that the oil companies would pick to do the conversion that would like double in value right so it was I think there is one on/off of crunch around four or five it was a Mobil gas station because that one's on the list to get converted and the owner doesn't know yet so I can probably talk to the owner you know make a deal my idea so he did a week later waiting in escrow for 160 grand so now buying a mobil gas station so i had to go to rancho cucamonga to mobile for two weeks courses to become mobile dealer it cost 3500 bucks how to measure the tanks run their snack shop all this stuff were you fearful at the time or were you just kind of like a nephew no go go go go go no there's no fear man I was so hungry for success yeah you just show me the way just show me what's my best path man I'll run all right like there's no tomorrow yeah well you ever fear for was that like a reoccurring theme in your like in your up bring you no fear is you know always with you you know I don't know anyone that you know honestly can say there are fearing life you know you have fear of something you know or another but if your motivation exceeds fear you're you're always gonna overcome it I love that yeah I love that and so we're in escrow I spent 3500 bucks I become mobile dealer which I still have my plaque from mobile contract you know and he hired a loan officer to do my SBA loan and unfortunately savvy that quite that guy turned out to be a con and he end up going to jail too he conned a lot of people through told you he took my money for loan processing I praised all the stuff he didn't do anyway it took basically a big long fee and three months later we're thinking we're gonna get loan docs we're gonna close on this gas station nothing happens that guy's not responding and by then the the Korean lady that owned the gas station got kind of a went that this thing's gonna convert and she's on my interest yourself and she wouldn't do an extension so I lost all my 20 grand which was at the time your life savings everything to me was like millions of dollars yeah you know and what happens that night you realize it's a scam so I'm like 19 years old I'm like one way so I called my Reuben I said okay that didn't work I need a job he got me a job I worked for Benson time for about a year and how hard did you take the loss of the money or did you just kind of get back up alright it was it was depressing that was my first basically near bankruptcy but it's super depressing because that was you know hard cash and hard earned money you know I you know made that money being discriminated cost that you know yeah so it was like you know it was pretty hard but you know I told myself look you know it maybe it wasn't meant to be you know you have to believe in that you know that you know if you put the effort you put everything good intentions you put the hardest you can and it doesn't work out there's a reason for it right there is something better waiting for you I love that's what and for the audience listening I think it's important for them to internalize that yeah so what you're saying is to that sometimes like when things don't work out instead of like the you know the natural stuff like ah [ __ ] ah man it's fine like okay what's good about this yeah baby there's a long term blessing here right absolutely yeah and that's been proven to me over and over and over and that bigger and bigger and bigger levels right yeah because I'm sure there's you know now you're at the stage where you're dealing with tens of millions if not hundreds of millions of dollars worth of real estate I'm sure there's been times where you've lost millions of dollars at a time no yes yeah I lost them you know my biggest one was five million dollars on a high-rise I lost when I lost single tenant which was Boeing Boeing subsea there he was my tenant yeah in in Clear Lake NASA how do you sleep on nights when you lose five million bucks mmm a nice cigar okay you gotta celebrate your failures and your success because there is a lesson to be learned in everything you know when you have a great success a good exit you sell a company or whatever it may be you celebrate because it's a good milestone in life and then when you lose something bad happens hey it's a expensive lesson learn you still celebrate it yeah because if if you take it with a negative notation that's just gonna keep eating you inside and it's gonna limit your upside and it's gonna reinforce the negativity exactly I love that okay so the so from there you start doing well and like where is it where after the loss of the money where you start to sort of build yourself back up and you get the job at the Winston tire yeah so I got the job once and tyre I worked there for about a year I got promoted to manager and of course the commute was a lot we used to live in Garden Grove and I used to drive over to Montebello and then I as I surround myself with more successful people and that's a big secret to success as well you know you're a product of your environment so always you know in you know find new friends that are older and more successful than you so I was like a sponge you know learning from people around me right yeah so I met this guy and he drove a Camaro Porsche and I like you I'm like wow I want to have a portion of this I said what do you do he goes I own a mortgage company and I'm like okay what do you do loans and real estate and I'm like okay cool so I told him I work for a once entire company but you know he liked my you know my attitude my motivation my energy he was hey why don't you come you know dude loan processing for me that's all right so I got my real estate license I worked for him for five or six months and then I realized how much money you can make in loans because I was processing I'm I see how much chicks Commission's you were getting on each loan and and then I tried to open my own mortgage company I realized you need a broker sorry I met another guy through the circle that he was a broker but it was not as motivated yeah you know cuz he was he rich parents you know yeah but he was a broker so I'm like hey Mark why don't we open a mortgage company I don't have a broker license but you do we'll go 5050 is like okay so but I was the go-getter one you know mostly and how are you at this time early 2000s twenty-one anything at this point so I was twenty-one ninety-two he's 21 ninety-three is when I go my life and your goal the whole time is like millions I got to become a millionaire oh yeah yeah from from day one and palm trees and those convertible cars Wow and always been would you say your home now is very similar to what you drew back very much I have 11 palm trees in the house it's double lot huge curb appeal and when you parked those cars in front is just like that picture I love that yeah now let me I see this were you writing down affirmation were you reading visualizing yourself are you writing down the Goldsman what did you do to ingrain it or was it just a mental thing it was all mental I mean although you know the past 10 years I've been running my goals every day you know daily weekly monthly yearly my goals I actually have a spreadsheet I made 25 years ago of how how much I'm going to be worth by Tom sixty-seven I put all these numbers in there you know if I make 10% a year but this one house I have I sell it I buy two houses I use this formula and it was really interesting it's called the aftermath and then there is a known it's called actual aftermath and I've been I haven't done it for a few years but for every year on January 2 compare my actual aftermath but after my I did many years ago to see if I'm on the right track Wow yeah that's incredible so you know you don't have to keep your mind to stay on the right path you have to constantly write your goals you have to have some kind of you know ramadhir right exactly yeah yeah yeah because if you want you know if you want to play a million dollar level seven then a ten million dollar level or a fifty million dollar level and if your brain isn't tuned to that it doesn't know how to take the next step actions or exactly yeah so let me ask you this what would be your best advice to people watching this who might you know see all the you know material amazing possessions that you possess and the huge impact you've had in real estate who probably don't realize it took you almost you know three decades 30 years yep to get here what would be your best advice to them on how important it is to you know write down goals and grant it in your mind get crystal clear I mean what advice would you give people out there looking for answers well I would say you know you know life is like a road trip right first you got to find your destination where do you want to go in life you know what makes you happy you know to some people this is not happiness you know to some people they want to you know be a spiritual traveled have just enough from anywhere that I have to worry about the rent but they want to be free of spray that travel and they're happy trust me they don't want it you give him a free Bugatti they don't want it so everybody's different yeah you know for me you know all the material things it was out of desperation because I I you know I this to me was signaling that you know I don't have financial difficulties anymore and that was the big difficulty we had when we got here you know but now falling in love with you know cars and appreciate for them I appreciate it but the most important you find your destination find out where you want to be in life weather is becoming a yoga teacher that makes you super happy or you want to have your own company or you want to have a massive amount of money where you can do a lot of charity events or travel or be on a Forbes billionaire list whatever it is because I truly think anyone can do anything and be anybody they want in life as long as they're patient and they have a roadmap what do you think most entrepreneurs do wrong most entrepreneurs they make money and they don't reinvest it you know they blow it and then you know economy cyclical when the business as a you know dip and they've bought all these Ferraris cars Lamborghinis and they didn't reinvest and they'll you know had a bad spot in financial spot so financially you weren't cashing out you know when you started and will get into when you started making everyone in real estate but you didn't start catching on and buying luxury stuff right away right or no did you kind of were you patient with it or what was your process yeah my process was with my investment was always reinvest the money is like you know buying a cow you don't sell they Cal you sell the milk and even when you sell the milk you take part of the profit I'm invested in a second cow yeah you know and only with that thirty percent of it whatever you maybe you go by you know iPad iPhone whatever you have so my mentality was always reinvest reinvest reinvest you know don't spend the principle reinvest the cash blow you know and that's how I've amassed all this real estate and I told myself I said hey I'm gonna buy a Bugatti when I can buy ten of em cash you know but most entrepreneurs they go ahead and finance it and they start taking a lot of lot of loans in and then when the business slows down it's you know overwhelming and you know they start having financial difficulty and some of them don't survive you know but to me is whatever your trade is make the money invest in real estate and be patient and every time recessions comes keep buying I love that because you make your money on the by yeah you know like I you know I said in my first book that was about you know mostly about how I made my money yeah on a million let me ask you this when you first started in real estate and mortgages did you have success right away with that or where did the ball really start rolling for your real estate where you went from you know seeing how much they were making on their commissions yes to going boom I want to go all in on this well what happened there with real estate yeah you know you could say got lucky the first year I opened my mortgage company I became the primary lender for this auction house and back in 94 93 94 you know Orange County had a bad recession in housing so there was a lot of condominium projects that was newly built they couldn't sell and the developers were auctioning him so the company was our EDC and they picked me because they liked my you know I was like on it you know like I worked ten twelve hours a week our suits I was getting loans done and in a very fast you know processing you know it's just work Holly you know so yeah yeah we get distracted I mean did you ever mean we're girls and drinking or going out I mean did you ever or were you always pretty like focus focus focus on no my focus was always make money make that money first party later yeah yeah and so I made two hundred you know of course at $300,000 my first year in the mortgage company mostly from the auction house and so that was huge I mean I when I bought a Mercedes and was buying three-piece suits you know yeah yeah that was the first taste of like you know millionaire lifestyle yeah I wasn't a millionaire yet but you know but I was making great money for my age 21 22 years old and then after that we did that for a couple of years and I'm rate start going up and then the refinance market kind of like you know dampen and then my partner they say hey why don't we do a discount store so we went and opened a 79 cent store in Santa Ana not a 99-cent store so we were thinking think out of the box we got to do something even more aggressive right yeah so seventy-nine cents plus and it was called el but they gone which means in a Spanish warehouse yeah so we opened that and we were doing great we were making 30 grand man and we said okay one of his you know converted to a supermarket because every you know all the Hispanics and I they love to eat you know and beer the foot traffic so money capitalized on it yeah so we after a year we made it into a supermarket and then it was doing fantastic so we opened the second one and our idea was listed ten of them and I go public age 22 I was honored to be on a public company yeah so obviously again destiny right yeah so a big chain open right next to us in Santa Ana football s as soon as they had their grand opening ourselves dived 50 percent so we're like I mean what are you gonna do you can't compete with a big elephant right right so after two years going we went from making 30,000 a month to losing 10,000 a month and my partner says you know it's like I was working seven days a week that was tough and then my friends and family all said hey want to just file bankruptcy and closed it because I had a long lease long term lease and I said no bankruptcy is not an option it's like throwing in the towel right and I knew I by then this country is built on credit because I want a mortgage company I see everybody's credit report where I see how that affected their approval so I I realized credit is king right and in this country and so I said I don't care what I mean I'll die before a fall bankruptcy so I I bought out my partner for a very minimal amount of money because it was losing money and then I called my parents my dad used to live in Oregon at the time he had a job in Oregon and he just got laid off so they moved in with me and I laid off eight employees I brought my parents and my brother and we revamped it reduced the cost to be able to make it positive cash flow and then I decided to the only way out is to sell it right because food for Less is next to me I can't be with them forever yeah yeah there's no way out of that long term man yeah so I hired a Korean broker an Indian broker and I told both um I pay you full commission to both because it's two different demographics right right as Laura does in nationalities they come in here with cash they want to own their own business right yeah so I and then I start advertising full-page ads in law pinyin which is a big newspaper for Hispanics in Santana and I would bring in like truckloads of you know watermelon from Mexico and then just sell it for like 10 cents a pound half the price of what food for that's what sell yeah to kind of bring in the foot traffic yeah teaser item yeah other items yeah so I almost double the sales but it still wasn't making much money but it looked great at six cashier said it was packed people were buying and then so I sold it for $285,000 after a year and a half tuck me one and a half years though yeah Wow I remember I used to work seven days a week 12 13 hours a day I used to close the register take the money and then go stop stop by 24-hour fitness I wasn't even going home I stopped by the gym throw the money in the safe and then go to the gym and work out running the treadmill I'm gonna sell it I'm gonna sell it I'm gonna sell it and during those tough times what was the motivation that kept you going was it the image of the palm tree was it you know the vision that you never let shake I mean what was it that kept you going when most people would just throw in the towel to meet the funny parties to me was the challenge because I really knew I could get out of it you know yeah so you know when somebody like keeps doubting you they set off for bankruptcy you're crazy how you gonna compete with food for less it's a big chain you know to me I was like hey don't doubt me you know I'm gonna I'm gonna chip on your shoulder I'm gonna prove you wrong yeah yeah so sometimes you know those negativity actually gives you a left you know I love that and so that was great so after a year and half I sold it at $285,000 I owed like 140 thousand or 180 nos on my credit cards I was paying four thousand a month interest I lived in a one-bedroom apartment I had sold my house my cars at a 500 and sell that Lexus ls400 back then was a big deal yeah for I'd like to $300,000 in cars I had to sell all those to keep up with the payments and so after a year and half I lost everything I was negative net worth until I saw the supermarket then I took that money it was a October 1990 December 1998 is when I sold it and I open at each rate I can because I saw everybody all my friends are making hundreds of thousands of trading stocks day trading right yeah it was the dot-com boom yeah I was gonna say that so I put that money in there I didn't pay my credit cards I just paid all the vendors on the supermarket and then what what I had left was 180 grand I put it in a trade and I tripled that by September 1999 Wow and then all my friends were saying that's it you're gonna be multimillionaires I have some friends that make 2 million bucks in oil you know they were American yeah yeah yeah and they all says what are you doing when I told him I'm gonna take it out they're like you crazy I'm like look this is a lot of it is the most money I've ever seen and I want to invest in real estate and during this whole time my landlord was an older Jewish guy that for my supermarket and he really you know like me he said you remind me of me when I came to Orange County at age 14 I did a lemonade stand and there's a huge landlord right so he always saw me because what are you doing here I know you know you're the best tenant I have you always pay on time but you you you can do so much more you know what you figure why you you know basically it's slaving away fighting with food for this yeah why you settling yeah yeah I said well I put it for a sale you know it was when you sell it come see me so I'm like okay I got hundred you know if I pay my credit cards off and the vendors I'm left with nothing so I'd rather take that money and do what my friends are doing they're all making money so about etrade CMG i Brocade AOL and these companies back then they were every earning announcement they were doing three for one and split like a split so that happened I got lucky by September I had you know triple my money I left 80 grand in there I'm like I'm just gonna have 80,000 and then I took the money out I went I saw mr. Williams my landlord and he put me in touch with his top broker and he brought to shopping centers to me and I end up buying one of them in Whittier I put $20,000 cash down and bought that property and I bought two other REO homes in Orange County so I start with three properties from the money I mean in stock market so I went from people tell me file bankruptcy now I want a shopping center in two homes well sure which shows the power of like if you don't give up for people listening if you don't give up it's one little way that you couldn't see but if you keep going yeah boom when that little door opens up and changes the whole yeah which then lays the foundation for everything you've built right absolutely yeah you know it's the my motto is never give up because that's been is it's just not a possibility you know for me I rather die you know thinking about you know that's how badly you have to want it yeah if you want to succeed so from then on it was the the rest was history I stopped I realized hey I by REO homes I you know do some light landscaping carpet paint in order model the kitchen and I made 100 grand I'm like wow this is too easy so I stopped buying more homes more homes and I bought apartments I used the cash to my advantage and I used to write offers on a properties that had multiple price reduction I realized the sellers that spread I would you know a lowball them out of ten deals one you know one yeah one respond was a they counter me close enough where he was a still a substantial reduction so I bought it but always quick escrow you know five days for seven days folks get the deals clear title you know that was my contingency and I bought him I start having great success with that and I grew that money to ten million bucks in three years how did you at this time this is 2004 2004 2005 so I was very 33 34 I made my first may million when I was 29 29 yeah yeah year 2000 and then and then first of all how excited were you when you made the first million amazing like I keep going to ATM check the balance yeah but you know now like you know money is you know money is like doesn't even exist for me because the number yeah because I don't go to sleep on my money anyway it's in assets you know I mean even if you've got hundred three hundred four hundred billion dollars you don't get to see these all parking properties assets mutual funds and wherever you decide to park your money right yeah so unlike some other you know athletes you know they're like you like ya know I get it and a lot of those athletes have cars like this too that this yeah there you go so okay so 33 you take it to ten million yeah and then for there the hunger intensifies you don't get comfortable you push for more correct oh yeah that's just the beginning it was like getting the taste of success is addicting you know I've got that and I'm like okay California has kind of topped out you know there is the prices I've gone up this 2004 I start looking online to see what real estate markets where there is better return I found huge stone in Arizona so Arizona was closer it's right here so I drove me and my wife ex-wife you know we were in Palm Spring you know for a weekend getaway and I'm like okay I'm halfway there I called you know on the listing that I had brought with me I printed I call I said hey I want to come look at this office building in Arizona and the broker said okay I can meet you just call me when you're gonna get here so I told my my ex-wife or like why don't you hit this I'm gonna go look at a building so I drove all the way in a rental car I went all the way to Arizona looked at the property wrote the offer there and came back and by the time I came back the guy had called me and left me a counter I end up buying that property the next day Wow yeah I paid one point at him 1.3 million again ten-day escrow all cash yeah and then I sold that six month later for 1.8 million beautiful so might have a million but yeah they wanted 1.7 million 1.8 million so I got $500,000 off there was a dispute between three partners - partners wanted out they it was a negative cashflow they didn't want to dump any more money that a big loan on it so you know there's opportunities everywhere you just got to look for it okay take the initiative yeah exactly even though I didn't send in your wife to the spa there you go so I did that and then I realized Wow Arizona's much better a lot more opportunity because there's lists you know people going after properties in Arizona everybody loves California and you know and I'm like okay so I start looking for more properties I end up buying five Med rise office medical buildings in there in a year and then I sold those and by then I had made twenty million dollars and then I went back to I went to Houston and I start buying in Houston and by 2007 I had you know close to 2.2 million square feet just in Houston and then I sold that in 2007 130 million our real estate portfolio Wow so one of my signature sixes also been timing yeah and I don't get greedy so and I know market cyclical and a lot of people get emotions their emotions involved in investing yeah so when it's going down they don't want to sell it because they think you know they don't lose money it's a sinking ship or something yeah instead of seeing it like a cycle exactly and then they wait they wait until they really have to support clothes and sell it they lose everything and that way it's going up they get greedy they're like no no it's gonna go higher yeah yeah like Bitcoin what happened was a bit yeah interesting let me ask you this how big is your real estate portfolio now like how many millions of dollars in real estate negotiations have you been involved with estimated today and you're in terrible all the transactions I've done I would say probably seven eight hundred million Wow yeah well right again you know timing is everything in real estate so I have sold you know most of my real estate assets not most about half of it and in the past you know 18 months and you know I'll be I'll be messed it in some of these cars because I think they're better bet than real estate because real estate it's kind of ballooned you know most asset classes are balloon so you know I double down always in recessions so I'm raised quite a bit of cash and I'm waiting for execs shoe to drop which you will which is interesting because Tony Robbins actually talks about they say that that more millionaires and billionaires build their wealth in times of recession yep than any other time yeah yes that's where most people run they say where people are running that's for the most amazing yeah you walk to where people are running you run towards it yeah you have a contrarian yeah contact my book title is my first Marion play would I love in yeah now let me ask you this a lot of people wrote in about this interview and they said they wanted to know what our mannie's top 3 tips when it comes to negotiation obviously you know being you know over seven seven eight hundred million dollars worth of real estate negotiations you learn some tricks of the trade so what are you know one or two or three of your best tips when it comes to being an effective communicator and negotiator in business well most importantly you gotta give to get so first you see what's important to the seller or other party right so if they're in a rush and there's a dispute there's a divorce so closing you know term of the closing is very important then you just shrink your you know your term and so that three months has gone a big building you know you can close in 15 days and sometimes you know and I've done that many times where I went and got a bridge loan and so if getting a traditional loan it cost me a couple of points but I got three million bucks off you know the property so maybe I spent 20 grand in the loan fees extra I got a bridge loan which is a sometimes private loan but that was a huge value to the seller because they wanted to call sooner so always find out what's what's critical for the other party so give that to them and get something in return so it's giving it you know number to do your research you know when you're doing it you know if you got comms you know you're buying a property do your research a lot of brokers are lazy I hate to say it you know even even at big price points yeah really yeah are there ever times where you look at a real estate portfolio that's maybe 20 30 40 50 million bucks and you're like how are they this off on a property this man and then find an opportunity and that does that happen a lot yeah I just bought a building six months ago in Huntington Beach for ten million and I couldn't believe my eyes I'm looking on loopnet and I'm like this is priced so low there's gotta be some kind of environmental something right something yes I call the broker I'm like okay what's the hair on this deal because there's no hair I'm like okay clear title is there any structural damage any soil condition contamination he's like no no no they're fun bought it and they were gonna redevelop it and then they realized you know it's not panning out they let go of Florida tenants because they were going to tear it down so their occupants is down but now that fund the partners want one out so that's a perfect scenario yeah grossly mismanaged locations great and there's a lot of meat on the bone so I bought that for on their 20 bucks a foot and within two months I'm selling it for 1.7 million dollars more and I love yeah yeah yeah so you gotta you gotta find that value you know there's value yeah I love that now let me ask you this a lot of people might look at your success and think like yeah maybe man you can do it but it's not possible for me right I mean I'm sure there's a lot of people you can probably get a lot of messages all the time but for somebody at home watching this or maybe somebody listening to the podcast inspired by your story what would be your best advice to them when it comes to feeling like man like I have these dreams but I don't know how it's gonna happen you know you talked earlier in the interview about you know it's more important to know what then how you just shed some light as to like you know what's the ratio of knowing what you want versus actually having to know how in advance does that make sense like what like could you get on that yeah of course you know when I started you know selling drunk from you know dumpsters and it swapmeet I then I'm gonna own all these cars I really I didn't know I'm gonna end up being a real estate investor you know don't worry about you know five ten years from now worry about worry about how can you improve today you know improve yourself mentally physically with people around you and even your job you know always be look out you know on a better opportunity and then eventually you'll get there if you're a striving for a higher ground you're gonna get there but you don't have to worry about how you're gonna get on top of the mountain right now you know just do baby steps you know house stepping stones you know yeah and that's what I would say you know don't have that anxiety a lot of people are trying to figure the whole thing out right now today yeah and that's a mistake you know just know that it's gonna take time and if you put your best foot forward and you have your subconscious is gonna do the rest mm-hmm I love that now being on this side of the fence was it easier than you thought harder than you thought what are some insights that you know being on this side of the fence the 14 year old you would have wished knew about how to get here you mean if it was easier than I thought yeah I mean ah no it was much harder than I thought yeah because you know the like I the guy that screwed me on the loan for gas station I mean it took all my money right you know at age 19 20 I'm basically bankrupt and then again with food for less open next to me or his bank robbers for 18 months I was bouncing checks and you know I used to go to Wells Fargo before 4 p.m. to take whatever from cash registers to put in so I don't get overdrawn and then I used to go 9:00 a.m. at balls Bravo to put to cover the over drum because I was overdrawn you know to make sure they bounced the least amount of checks yeah so that was a constant vicious cycle I did for 18 months you know most people would say [ __ ] I mean they would give up right yeah just my bankruptcy you're like what's the point I mean there's you're not gonna win no no no so true but you'll find a way now let me ask you this what's the best piece of advice you got on your way up investing in real estate what's the worst piece of advice you got worst piece mmm don't drink and drive you know I mean you know it's fun to like celebrate your success go out with your friends party do ball service you know all that stuff is all he's gonna do is slow you down you know at first it's fun but you know drinking excessive alcohol you know drugs I don't do drugs you know but I used to you know you know party with my friends go out do ball surveys most most people even they made a lot of money right yeah very young dumb and you know what so I would say you know you know just focus and the bigger picture as you're climbing the mountain and an invest in real estate and ignore the noise there's always noise around you always whether it's your own siblings or your friends there's always people doubting you you know why because that's the their mentality you know they think that you can't do it and you know we call them haters calling whatever you want I can't dollars but you know dollar dollars never you know you know discouraged me you know they actually encouraged me because I love showing him how it's done I love it now let me ask you this before we wrap up here just two more questions then we play a little game all right but I wanted to ask for the people out there that you know maybe are stuck in a rut or maybe they're in the challenging times that you once were aside from never giving up what insight could you give to them about maybe a time in your life where things were especially tough you know maybe something you haven't shared before what are some you know a lot of people might see you here and batcave feeling like yeah man you play doesn't have that many insecurities or conquer them all what are some insecurities to date that you still deal with there's some challenges day to day that you still deal with or maybe something that you've dealt with that maybe you haven't shared before that's been challenging and the reason I ask is just to share the human side of you people out there who you know might want to hear that and be like oh [ __ ] man he's just like me maybe if he's still dealing with it maybe I can conquer mine yeah absolutely oh I guess I'm a shy person in general you know I mean this is my first podcast I've done in my life I love it what do you think of it so far it's great but you know I had a little bit of anxiety you know nervousness you do because you're on camera you don't know you know if you know you got booger on your nose or your you got gum on your shoes on the way yeah but what I say you know crush your fears you know whatever your fears are as you face them and you overcome them of course you know anyone that does anything for the first time you know it's a little scary you know whether it is doing a skydiving or you know jumping in the ocean for the first time you know if you got a fear of sharks yeah so but it's amazing the feeling good afterwards you know like I'm I know for a fact I'm gonna go to lunch and have an amazing feel that feeling after you know doing this podcast I love is that great experience so you know face your you look animates as experiences not as you know something terrible like you know a scary you know and so I would say you know that's probably you know one of the key factors to improving yourself is facing your fears I love that I mean I see this what's something you would have done different on the way up well not marry my first wife and I would invest out with you invest in real estate more than I did much sooner and more yeah yeah and by the way that's interesting can you you want to share the story that your wife is actually what you always talk about on social media is a love of your life yeah was actually on Deal or No Deal right yes she was like a small number thirteen yeah I love that so did you actually see her out or did you see her on TV first of all I of course I saw her on TV she was the only person girl and they're on that show and I've heard to the picture of the of the mansion of the palm trees right no she wasn't on that that I drew long ago but uh but yeah I knew of her and I've seen her at some events and at that time I was in a relationship I always told myself hey when I get out of this relationship because I knew I'm not gonna marry my dumb girlfriend yeah and I'm gonna look you know link up with her you know and two years later sure enough I was single so I'd reach out on Facebook and she responded and two weeks later we went on dinner and I loved it and now you guys have a beautiful family yes I got two kids two beautiful kids I have a two and a half year old son named Enzo and six and a half year old daughter Priscilla beautiful very cool yeah kids are the biggest blessings I love that yeah so the last question before we play our game here for people who've been inspired by your story they love the fact that you know you're just an average dude made in the same skin and bones the same mindset the same research is available probably even other people watching us have more resources available than when you came or living in a Datsun in a parka yeah you know built this huge multi-million dollar real estate empire inspiring millions of people online with social media and I know I asked the question you know various versions of it but I want to ask you what would be your best piece of advice to somebody out there that's watching this and I want to take go back to the next level and maybe want to find a vehicle because a lot of people they might have the motivation they don't have the vehicle yeah what would what would Manny Cushman's best piece of advice be to that somebody looking for answers was that right your short-term goals and long-term goals again if you're working at Kmart and you want to be a multimillionaire you have to look at the Nexus stepping-stone right you're not going to jump out and say okay now I want to go raise money and open a real estate fun and make 10 million bucks next year it's not going to happen because you got to build your credibility you got to build your team you got to build the people around you you know people are not gonna come just right there chick because you're motivated you know you're gonna have experience you're gonna have track record right and so I would say write your short-term goals how you can improve your current state you know for the next year you know this year what are you gonna do and if it's taking you know night school to get a degree to be able to earn more money you know then do that you know and then once you earn more money then maybe you can buy a second home as an income property when recession hits you know so slowly you know in 19 10 years you realize why you got four or five income properties you're a multimillionaire it took 10 years but you made it because you took those baby steps you know I love that and very powerful now in rapping we have a game called first things first okay it's called first things first and how it works is basically I raffle off a word or phrase and you just tell me the first word or phrase that comes to mind okay I make sense sure so I'm gonna say ten words one at a time and then you just tell me the first word or phrase that comes to mind make sense this do it the only rule is that you can't repeat yourself twice okay got it okay so number one does it have to be one board again give me a word or a phrase so it's up to you the only rule is that you can't repeat yourself twice you it okay number one your wife and kids my dream number two you're thirty five million dollar house great investment your childhood not so good passion passion exotic cars your legacy my fans hmm the tough times experience your story my legacy I can repeat you though money comfort mentors mentors Idol hmm and then the last one you ready Manny's future mmm limitless limitless I love that thank you so much for bringing your limitless - yo Manny thank you guys for enjoying this episode and make sure to check out Manny and all the cool stuff he's up to in the description below and until next time stay inspired and we'll see you guys next time thank you being one of the passionate if you guys enjoyed that video be sure to hit that subscribe button right now because every week even is a very best in personal development content interviews and insights help inspire you to take your life in your dreams to make them or reality and also if you aren't know how to look between guests same way I have you can check the link below for my top 3 secrets so if you have a podcast or a show or whatever is you want to collaborate with them you can click that link below I'll give you those top three secrets to help you get in touch with anybody and also don't forget that the passionate view is available on media platforms as well so you can subscribe to the podcast and until next time thank you for being one of the passionate view [Music] [Music]

Channel: OMAR ELATTAR & THE PASSIONATE FEW

Views: 1,478,590

Rating: 4.9332452 out of 5

Keywords: manny khoshbin interview, manny khoshbin story, Manny Kohshbin Interview, the passionate few manny khoshbin, khoshbin company, manny khoshbin real estate, real estate mogul, manny khoshbin steve harvey, khoshbin, manny khoshbin, the passionate few, Omar Elattar Interview, Omar Elattar, the passionate few hot cheetos, omar elattar dan lok, manny khoshbin cars, manny khoshbin garage, real estate investing, real estate, Car Influencer, Entrepreneur, from homeless to millionaire

Id: _CNR9JLI7u8

Length: 60min 46sec (3646 seconds)

Published: Mon Feb 25 2019