He Went From Del Taco to a $1.5B Empire (Here's How) | Henry Manoucheri

## No Vacancy with Taylor Avakian: He Went From Del Taco to a $1.5B Empire (Here's How) | Henry Manoucheri

**Host:** Taylor Avakian

**Guest:** Henry Manoucheri, Chairman and CEO of Universe Holdings

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**[00:00] Taylor Avakian:** Welcome back to "No Vacancy." Today, we have an absolute legend in the commercial real estate space, especially in multifamily. We're joined by Henry Manoucheri, Chairman and CEO of Universe Holdings. Henry, your story is truly incredible, from your early days to building a $1.5 billion multifamily empire. Thank you for joining us.

**[00:15] Henry Manoucheri:** Taylor, it's a pleasure to be here. I appreciate you having me on. I'm looking forward to sharing some of my journey and insights with your audience.

**[00:45] Taylor Avakian:** Henry, your journey is really inspiring. You arrived in America as a teenager, fleeing the Iranian Revolution. Can you take us back to those early days? What was it like coming to Orange County, and what was your very first job?

**[01:09] Henry Manoucheri:** Absolutely. It was a tumultuous time. I arrived in Orange County, California, in 1978, just before the revolution truly escalated. I was 16 years old, didn't speak a word of English, and had $100 in my pocket. It was a complete culture shock, but also an incredible opportunity. My first job, believe it or not, was at Del Taco. I started as a dishwasher, then moved to the drive-thru, and eventually became a manager. It taught me the value of hard work, customer service, and just showing up every day, ready to contribute.

**[02:30] Taylor Avakian:** That's an amazing start. From Del Taco, how did you transition into the world of sales and eventually real estate?

**[07:45] Henry Manoucheri:** Well, after Del Taco, I realized I wanted more. I had a strong desire to build something. I got into retail sales, selling everything from electronics to cars. I quickly learned the power of communication, persuasion, and understanding what people truly need. This experience was invaluable. In the early 1980s, I saw the booming real estate market in California and felt a pull towards it. It seemed like a place where hard work could truly pay off, and I could build significant wealth. So, I got my real estate license and started as a broker.

**[09:10] Taylor Avakian:** So, you're a young broker, new to the industry. How did you get your foot in the door and start making a name for yourself? I understand you eventually joined Marcus & Millichap, which is a huge name in commercial real estate brokerage.

**[14:20] Henry Manoucheri:** That's right. Joining Marcus & Millichap was a pivotal moment. It was a highly competitive environment, but it also had an incredible training program. They taught us the fundamentals, and one of the most crucial skills they instilled was cold calling. I mean, relentless cold calling. My first few months were spent almost exclusively on the phone, dialing numbers, trying to connect with property owners. It was tough, full of rejection, but it built an incredible foundation.

**[15:45] Taylor Avakian:** Cold calling is something many people dread, but you clearly embraced it. How many calls do you think you made, and what was your mindset to push through the rejection?

**[21:30] Henry Manoucheri:** Oh, easily over 100,000 calls in my early career, probably more. The mindset was simple: every "no" gets you closer to a "yes." I saw rejection not as a personal failure, but as a necessary step in the process. I learned to detach emotionally from the outcome of each call. My goal was just to make the next call, to gather information, and to build relationships over time. Persistence is truly the key. If you're not willing to outwork everyone else, you're going to struggle.

**[23:00] Taylor Avakian:** That's a powerful lesson. This relentless approach clearly paid off, as you became a top producer in brokerage. At what point did you decide to transition from representing clients to becoming a principal investor yourself?