The best investment is the one you make in yourself. Whether it is a coach, a book, or anything in between.– Alex Pardo
How to Navigate Your Business & Life in an Unpredictable Market w/ Alex Pardo
I have known Alex Pardo for a long time. He is one of my best friends in the real estate industry and I am always inspired by what he is doing. Alex has been in the game for a long time, fulfilling multiple roles in the industry.
He has experienced great success, but is only human, so he has made a few mistakes too. As someone who has been through a whole real estate cycle, Alex offers incredible insight into investing and getting very clear about what you want in your life.
Over the next few months, we will be speaking to some of the best minds in the industry, tapping into their minds to get foresight on what’s to come. Alex is one of these great minds, and I am excited to have him back for his 2nd appearance on the CarrotCast!
Read the Full Show Notes Below…
Alex Pardo is a lot of things. He is an investor, but as he has recently discovered, there is a lot more to his life’s purpose. Above all else, he is a family man. Building wealth through flipping homes and brokering wholesale deals has only been able to get him so far.
He has learned that it isn’t about what you make, but about what you can give. The talents you can share with those following in your footsteps.
For Alex, helping others to succeed is what fulfills him and over the past few months, he has put more focus into doing just that. Below, we will dive into why you need to get clear about what you really want if you want to find true success.
Fighting The Perceived Prestige
Alex attended school at FIU and during his time there, he realized that he wanted to be a bigshot. A CEO or CFO of a major corporation. A position that would offer his wealth, status, and prestige.
He was accepted into GE’s Financial Program and believed he was on the path to living all of his wildest dreams. The problem was, he wasn’t. When he saw how much he was working, the stress, and what it would take to provide for his family, he asked himself if this is what he really wanted to do. The answer was a resounding no. He finished the program, left the job, and attended a real estate seminar that would change his life.
Being a CEO or a big wig at a huge company always seemed like the definition of success to Alex. luckily for him, he was able to change his personal definition of success, and is now able to find fulfillment in all aspects of his life, not just business.
Generating Profits In An Unpredictable Market
Because Alex has been through a full real estate cycle and has seen a crash first hand, he offers great insight on preparing for the months ahead. While we don’t believe there will be a crash, we do see a lot of change coming to the industry. His advice is to…
- Don’t tie up all of your cash, make sure to have some liquidity
- Understand the market – how long properties are staying on the market and who is buying
- Invest in relationships – Private lenders and agents for example
This business can make you look smarter than you are. An accidental good deal can make you cocky, setting you up for failure on the next go around. Make sure to put some of those profits away or invest them into other income-producing assets.
As Alex says,
If you can kill a deal don’t do it.
Meaning, if you are just making out by the skin of your teeth, it’s probably not the deal for you.
You NEED A Coach
Alex has been doing this a long time and has learned a lot about himself and this industry. He made mistakes early on and in his opinion, his biggest mistake was treating a coach as an expense. However, as Alex says, the best investment is the one you make in yourself. Whether it is a coach, a book, or anything in between.
Many of us have this rugged individualism, believing we can figure it all out on our own without coaches, mentors, or mastermind groups. The thing is, while the investment may seem like a lot, when you work with the right coach, you will be able to make that money back in spades.
And it’s not only about what you can make, but it is also about what they will help you avoid and change within yourself and your business. Therapy has you take a look back at your life, while a coach is there to propel you forward.
Ascend: To Rise
Alex runs a great Mastermind called Ascend that offers the benefits of a group session along with one-on-one coaching. This innovative take is helping people get all they need, without having to join multiple groups. He helps his members get clear about what they want and what it will take to get there.
A few questions Alex would ask someone new to his program include:
- Why do you do what you do? Why does it exist?
- How do you define success? What is it to you?
- What do you want your life to look like and be about?
While these questions may seem simple, it takes a lot of work, exercises, and getting clear on talent and ability. He helps people define what they want for their life.
Using a tool similar to the Wheel of Life, Alex has members rate all aspects of their lives including relationships, finances, fun, business, and more. Like me, Alex believes that family and finding fulfillment should come before “work” and his calendar reflects this. He helps people to find the fulfillment they are looking for.
Managing The Ebbs and Flows
Just like Alex was charmed about the prestige of being a CEO, it can be easy as an investor to get caught up in what others around you are doing. What matters is that you are thriving in all aspects of your life, and that isn’t going to look the same for any two people.
You may see some people thriving in the business world, but at the end of the day, they aren’t fulfilled because other important areas of their lives are lacking.
Personally I rank 6 aspects of my life: Faith, family, friends, fun, fit, finances. When I am feeling like I am in a funk or that something isn’t clicking right, I will take a look and see where I could use some work.
I usually have an indicator when I am slipping into one of these cycles. I will stop waking up early, stop tracking habits, or stop working out. Now I know what to look for, how to diagnose it, and how to get myself back on track. We all have dips. It’s about smoothing them out and making them not as deep for not as long.
Not Being Afraid To Change
All humans are flawed to some extent. People who appear to have it all can be the most flawed. Social media makes it so easy for people to portray themselves in any way they want, that seeing these images can alter your perception of reality. Making decisions based on the perceptions of others isn’t going to get you to where you want to be.
After 15 years of wholesaling properties, Alex made a decision to step away from his business. As his coach said to him, not pursuing your talents, is robbing the future of what you are able to offer. It is important to share your gifts with the people following in our footsteps.
That said, Alex is now focusing on the things that bring him joy and energy. Right now, those things are Ascent and his podcast, Flip Empire, where he dives into all things related to real estate investment.
When determining where you want your business to take you, it’s important that you are being intentional about living your best life possible. Be purposeful and ask yourself if what you are doing today is what will get you where you want to be tomorrow.
Follow Our Guests:
- Flip Empire – Alex’s Podcast
- Alex on LinkedIn
- Alex on Instagram
- Ascend – Alex’s Coaching & Mastermind Group
Mentioned In This Episode
- Alex’s previous CarrotCast episode on teambuilding
- Our Energy Audit
- Trevor’s Instagram
- Profit First by Mike Michalowicz
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