How To Handle Maintenance Emergencies
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Maintenance emergencies are inevitable—especially when renting a property. Today we will be speaking with Doug Brien. Doug is the CEO of Mynd Property Management and he will be discussing the best way for any investor to successfully manage whatever emergency may arise.Alex Osenenko: Boys and girls, Alex here with Mynd Property Management. We're talking about investing in Vallejo real estate. Vast topic, but I have a good, solid, knowledgeable guests to help us unpack some of the potential icebergs or opportunities within the Vallejo area. His name is Doug Brien. Doug, how are you?Doug Brien: I'm doing well. How are you doing? You sound good!Alex Osenenko: Good, thanks, great to hear. So, Doug is CEO of Mynd, which is important. But I think even more relevant—he was a founder and CEO of a company called Waypoint which purchased over 750 homes in Vallejo area. So, he knows a thing or two. Today's topic is specifically on how to handle maintenance emergency in your rental home in Vallejo. How would you go about that, Doug?Doug Brien: Yes, so this is obviously something you’ve got to deal with properties anywhere you buy. We owned all over the country and, I think, one of the good things about Vallejo is, in the Bay Area, a lot of the tradespeople that work all over the Bay Area—they live in Vallejo. So you can actually find lots of good, local, reasonably-priced tradespeople. I think the key is, you’ve got to find the ones that are willing to come after-hours. That just happens to be when most emergencies happen. That can be a little bit tricky, and I think this is one of these areas where tapping into a good local property manager can be really helpful because they've gone through and typically vetted all the best vendors and found the ones that can basically service after-hours emergencies. You know, if you want to spend the time and find those vendors, you can. And, the good news is, they're fairly plentiful in the area.Alex Osenenko: Gotcha. Any specific qualifying criteria. By the way, before I ask this question—we've done the sort of local deep dive series on real estate investing for Seattle now and few other towns in the Bay Area as well. Oakland. Specifically, for Vallejo, the access to smart, good, solid tradespeople is good, but how would you go about choosing? We're talking about building a team, you have to have a team. Because there's electrician, there's a plumber, and there's this and that, how would you go about interviewing them and qualifying them and even handling your relationship? Because look, you only have one property. You're not really that important.Doug Brien: That's right. I mean, we all think we are, but if you’ve got one property, you’re not that important. That's right. So, I think the way I've always gone about it is, you have to know enough about how the trades work to be able to interview them and really probe it and figure out, are they going to be good? Are their prices appropriate? Are they going to be timely in terms of when you need service? I think it’s about interviewing them. But again, you’ve got to kind of know what you're talking about to ask the right questions. These guys are really good at giving generic, high-level answers to people who are newbies and don't really know the right questions to ask.And then two—and maybe more important—is to find other investors. There's lots of meet-up groups and other ways to meet other investors and I would talk to them and say, “hey, who do you use? How do they work out for you? How's the pricing? Are they responsive? High-quality? talk to your fellow investors.Alex Osenenko: That's a great idea. So, boys and girls, if you are, for example, a programmer in San Jose and you’re investing in Vallejo, and you don't know and don't understand like me—any kind of trades and how plumbing works and all that—I think the good advice would be to hire a property manager or, at least, you'll get in with other investors and group-think and borrow ideas from each other. So that was great, Doug. Thank you very much for your time. Those of you who are interested in Vallejo real estate and want to learn more—go to Mynd.co. We've done a number of episodes with Doug on the subjects—some of the good reasons, some of the potential pitfalls. Check it out. Mynd.co, M-Y-N-D dot CO. Put in the search Vallejo Real Estate. All of it will pop at you and you'll get educated. Doug, thank you for your time.Doug Brien: Hey, thank you.Alex Osenenko: And thanks for watching.For investors who prefer to self-manage their properties, it is imperative to build a team of professional tradespeople to mitigate any problem that may arise. Building such relationships can prove to be difficult, however, especially for new investors or those investors with very few properties. By hiring a property manager instead, one gains immediate access to an established infrastructure of trade professionals to immediately manage any problem or emergency.
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