Meet Bonnie Sue Lovelace, Austin, Texas Landlord and Head of Client Success
When Bonnie Sue isn’t busy helping our agents and brokers deliver best-in-class experiences for home buyers and sellers as Head of Client Success for Anywhere, she’s monitoring her investments as a real estate entrepreneur. She considers herself a bold, inquisitive investor from Texas who is passionate about innovation and creating a positive impact on people’s lives and livelihoods.
Bonnie Sue likes to unwind by traveling, spending time with family, and taking care of her adorable pup, Slinkies. It’s no surprise that Bonnie Sue is always on the move – with her passion and drive to make things happen!
Q: How did you become interested in rental properties?
Since an early age, I have always had an entrepreneurial spirit. My initial foray into business was my homemade lemonade and cupcake stand. This was a lot of fun for me but charging a quarter for cupcakes and a dime for lemonade wasn’t cutting it; I soon expanded my offerings by setting up a candy shop at my parent’s apartment. Fast forward, I found myself working at a real estate company, I soon saw the power of wealth building through property investments. Inspired by this knowledge, I set an ambitious goal for myself: acquire 10 properties. While I currently own four, I am still determined to surpass this milestone.
Q: What are some of the biggest challenges you’ve experienced in managing rental properties?
One of the most significant challenges I faced while managing rental properties is navigating the uncertainties that inevitably arise. It’s crucial to maintain a financial cushion to account for unforeseen circumstances, such as tenants deciding not to renew their leases, tax increases, or when three of your ACs break at the same time…yup that was annoying.
Q: What lessons have you learned from handling difficult tenants or rental situations?
I discovered that establishing a foundation of mutual respect from the beginning greatly assists in navigating challenging conversations down the road. Also, I honed my skills in addressing difficult conversations with easy and difficult tenants. Additionally, I’ve learned to navigate these challenging discussions in a manner that ensures both parties feel respected and understood throughout the process.
Q: What are some of the unexpected benefits of being a landlord?
- Building long-term wealth
- Passive income
- Tax advantages
- Gaining valuable skills such as negotiation, program solving, time management, etc.
- Sense of community: Engaging with other investors, creating valuable connections and support networks
- A changing mindset: Being an investor will inspire you to think bigger and more strategically
- Growing financial competence
Q: What advice would you give to someone who is interested in investing in rental properties?
“If you can, you should, and if you’re brave enough to start, you will. – Stephen King
I have seen the power that owning a house has on someone. Seeing my mom buy her first home was one of my proudest moments. She gave me the courage to get into investments. If you can, make the choice and invest in your future and grow your wealth for you, your family, and in my case my Hispanic and Latino community.
Q: How does your Head of Client Success role influence how you manage rental properties?
Continuous learning: As Head of Client Success, I understand the importance of staying current with industry trends and best practices. This helps me stay up to date with evolving market trends and economic factors.
“We’re building something that serves agents by making it easier than ever for them to succeed. When agents sell more homes, we’re helping more consumers get into a home they love.”
Connect with Bonnie Sue Lovelace here.