Another month has gone by and now it’s time for my vacation rental report for Calypso Memories. We have begun our six months of financial hell. The expenses are high and the income is low. Not only are we in the slow season, but this season, it’s really really slow. So, it’s going to take everything for me to weather this financial storm. As always, regardless of whether I make a profit or loss, I plan on being completely transparent. The short term rental market is tough these days. With high inflation and over saturation of some markets (including my own), it’s very difficult to make a profit. In a way, it’s a matter of who can survive the longest. During this report, I will detail the income and expenses for November, and take a hard look at how I plan to survive over the next six months. So, without further adieu, lets see how Calypso Memories did in November 2023.
Vacation Rental Profit/Loss
Let’s see whether I made a profit or incurred a loss in November 2023 at Calypso Memories.
A. Vacation Rental Income
During the month of November, I earned $1192 in income broken down as follows:
This amount is low and came from one booking, which was a 4-night stay. However, I am very thankful because it could have been worse.
Also, in November, I had to block off several days. There was a foul smell coming from the unit and it took a while to fix that issue. Woe is me.
B. Vacation Rental Expenses
During the month of November, I incurred $4389 in expenses broken down as follows:
The expenses were relatively modest. Of course, my mortgage payment is half of that. As mentioned above, I had to fix that foul smell coming from the unit. Additionally, there were other routine expenses I incurred.
My goal for the remainder of the year and for 2024 will be to keep my expenses at a minimum. I will let you know how that goes.
C. Profit/Loss Statement
Based on the fact that my expenses exceeded my income, my loss for November was $3197.
As shown below, my year-to-date loss has increased to a WHOPPING $13,698. What’s worse is that I expect this will continue to grow in December.
With such an loss for the year, it shouldn’t be a surprise that I am struggling to make ends meet. So far this year, the condo hasn’t paid for itself, which means that I have to dip into my own personal funds to keep the condo afloat.
Annual Income/Expenses
2022 was my first year when my condo went live on the market, so let’s see how November 2023 at Calypso Memories stacks up against November 2022.
A. Annual Income
Let’s see how the annual income at Calypso Memories look from last year to this year.
Here is the raw data:
Are you kidding me? I was so close to having something good to report in this post. However, as you can see, I earned less income this year than I did last year. This is just one example of the fact that my bookings have been down this year. I am hoping next year will be different, but we will see.
B. Annual Expenses
Let’s see how the annual expenses at Calypso Memories look from last year to this year.
Here is the raw data:
Finally, I have something good to report. As you can see, I incurred 42.90% LESS expenses this year than I did last year. I’ll take it.
I do anticipate that my expenses will be elevated over the next 6 months. I’m trying to pay back an HVAC system that I bought and the payment I am making is $650 per month.
Nevertheless, this is encouraging. Since my goal is to keep my expenses to a minimum in 2024, it will be really interesting to see just how much my financial outlook will change.
I have little control over whether a guest books the condo. But, the expenses are certainly within my control (to an extent). I do spend a lot on preventative maintenance and I am hoping that those expenditures will payoff in the long run. Only time will tell. Wish me luck!
Final Thoughts
Unfortunately, money is a bit tight right now. I have to make capital contributions to my Calypso Memories account just to pay the bills. The problem is that with no job, I am scraping every bit of cash I have to do so.
What’s more problematic is that I expect this financial drought to last for the next six months.
To the extent there are any good news, its that I don’t have to borrow money to do so (at least I am trying not to). I’ve already committed to not using my credit card over the next six months. It’s going to be really tough but I am taking things one month at a time.
I can’t wait until 2023 is over. I am somewhat hopeful and excited for the new year. If I can survive for the next six months, I’ll be one happy camper.
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