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Client Spotlight:

MAMAL MOINPOUR By Jonathan Louie, CPA Manager - Tax

R

ecently, we had the opportunity to interview one of our tax clients, Mamal Moinpour, who owns real estate in the Greater Los Angeles and across the U.S. He is an expert real estate investor who built his businesses from the ground up, beginning in 1985 with a single lot purchase from a land auction. Mamal now owns dozens of properties and has made the challenging shift from residential to commercial real estate. Here’s what we discussed during the interview:

How did you get started? How did your real estate investment career launch? Before I came to the US, I was a diplomat in Iran. After realizing what had happened to the country during the post-revolution, I decided to leave. In 1985, I migrated to the United States. I took night classes for business at UCLA, which led me to real estate. Looking to get started in my new career, I scanned the classified ads for land auctions. The first time I went to an auction there were nearly 4,000 people there! Everyone was bidding. Everyone was a professional. It was overwhelming, so I just watched. The second time I went, I had done my research. I talked to brokers and I understood the lot values. The third time I went, I bid. At that time, my rule was that I would bid $.30 to the dollar as my maximum. I left that day with 14

KROST QUARTERLY VOL. 2 ISSUE 1 - THE REAL ESTATE ISSUE

one lot. Back then, they [the auctions] used to finance the deal as well, so I only needed 10% down. This was on a Sunday. By Monday, I had put that lot on the market. Since I was selling it at almost half the valued price, the lot sold quickly within 2-3 months. When I returned to the auction, I could buy 2 lots. I got to a stage where I wanted to buy a condo for myself, but instead of buying one, I decided to purchase an entire building, this way, I could receive rental income and have my tenants pay the mortgage. Eventually, I was able to buy several apartment buildings, and the rest is history. How did you get into commercial real estate? As I continued my career in real estate, I ended up getting my broker license, then got certified in appraisal and real

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KROST Quarterly Magazine: The Real Estate Issue - Volume 2, Issue 1  

KROST Quarterly is a digital publication released by KROST CPAs & Consultants headquartered in Pasadena, California. This issue of KROST Qua...

KROST Quarterly Magazine: The Real Estate Issue - Volume 2, Issue 1  

KROST Quarterly is a digital publication released by KROST CPAs & Consultants headquartered in Pasadena, California. This issue of KROST Qua...

Profile for krostcpas