I am excited to write this report! For a while, it seemed as if the slow season would never end. During the slow season, I was forced to contribute money from my personal funds to help keep Calypso Memories afloat. Well, now that we are at the start of the busy season, the hope is that the condo can make enough money to support itself. If so, that would free up my personal funds to do other things, such as pay down on my high credit card debt. Additionally, during the slow months, I typically report a loss. That’s because I have relatively low income compared to high expenses. I am hoping for a shift during the busy season. So, without further adieu, let’s see whether I was able to make a profit or loss at Calypso Memories in March.
Vacation Rental Profit/Loss
Let’s see whether I made a profit or incurred a loss in March 2024 at Calypso Memories.
A. Vacation Rental Income
During the month of March, I earned $4519 in income broken down as follows:
I’m ok with the income. This is one of the reasons why I don’t do snowbirds in March. Typically, the rental rate for snowbirds is $2200. This just reinforces the fact that I make more money in March by NOT renting to snowbirds. Going forward, I won’t be renting any of my condos to snowbirds as March is the beginning of the busy season.
B. Vacation Rental Expenses
During the month of March, I incurred $4010 in expenses broken down as follows:
$4010 is less than all the expenses I’ve had this year so far. The goal this year is to keep my expenses as low as possible. For the most part, there was nothing out of the ordinary in March in terms of expenses. Let’s hope the trend continues.
C. Profit/Loss Statement
Based on the fact that my income exceeded my expenses, my PROFIT for March was $510.
As shown below, my year-to-date loss is $6298. This gets updated every month.
$510 is a small amount of profit, but it is better than taking a loss. This is the first time I am able to report a profit since the year started.
Obviously, the year-to-date loss is still high. As we get more into the busy season, I hope to chip away at this loss. In fact, I am even hoping that I will be able to report a profit for the year.
Annual Income/Expenses
Let’s see how March 2024 at Calypso Memories stacks up against March 2023.
A. Annual Income
Let’s see how the annual income at Calypso Memories look from 2024 to 2023.
Here is the raw data:
A great trend. I earned nearly 4% higher income this year than last year. Last year, we experienced the phenomenon known as the Airbnb bust. So, hopefully this year will be different.
B. Annual Expenses
Let’s see how the annual expenses at Calypso Memories look from 2024 to 2023.
Here is the raw data:
As shown, I incurred 7.65% LESS expenses this year than last year. This is very encouraging. Not only were expenses the lowest it’s been since the year started, it’s less than last year. Chances are good I can end the year on a profit if I just keep my expenses this low for the remainder of the year.
Final Thoughts
This was a good report. We have entered the busy season. My income exceeded my expenses and I was able to record a small profit for the month.
Although I say March is the start of the busy season, in reality, it’s better described as a shoulder month. The real busy months are May – July. So, it’s interesting to see how this year will fair.
Last year, we experienced the Airbnb Bust. This year, I am hoping that there will be a steady increase in bookings despite more competition in the market. Either way, I’ll be reporting on my progress along the way.
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