Well, well, well. September has come and gone. We are heading into the slow season, and now it’s time for the vacation rental report for Calypso Memories. Recently, I wrote about the fact that I have been experiencing negative cashflow on both my properties, including Calypso Memories. So, I am a bit nervous to see what this report is going to show. Believe it or not, when I write these vacation rental reports, I don’t know ahead of time what the results will be. So, it will be a surprise to me just as it is to you. Regardless, I hope it goes well. So, without further adieu, let’s see how Calypso Memories did in September 2023.
Vacation Rental Profit/Loss
Let’s see whether I made a profit or incurred a loss in September 2023 at Calypso Memories.
A. Vacation Rental Income
During the month of September, I earned $5777 in income broken down as follows:
Not bad at all. Of course, I want to make money, but I am just happy when I make enough income to cover the debt on the property, namely the Mortgage plus the HOA. We will see how the profit and loss pans out but this is definitely a marked improvement from the dismal performance I had in last month in August.
B. Vacation Rental Expenses
During the month of September, I incurred $5025 in expenses broken down as follows:
There really weren’t any standout expenses in September. My expenses will be elevated for the next couple of months because of a bill I am repaying at a rate of $650 per month. That’s also one of the reason why I have incurred a massive loss this year. I had to replace the HVAC system in January. That’s about a $7000 bill and I am paying it back at the rate of about $650 per month.
C. Profit/Loss Statement
Based on the fact that my income exceeded my expenses, my profit for September was $752. I will take it. Even though the profit is small, it is better than a loss.
As shown below, my year-to-date loss is $7500.
This is much better than last month’s report where the year-to-date loss was $8251. So, although I am still at a loss, so far things are trending in the right direction.
Annual Income and Expenses
2022 was my first year when my condo went live on the market, so let’s see how September 2023 at Calypso Memories stacks up against September 2022.
A. Annual Income
Here is the raw data:
As you can see, I made 3.59% MORE revenue this year than I did last year September. Of course, it could be better, but I’ll take it. This doesn’t change the fact that my bookings have been down this year. But I will take good news any day of the week.
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:
As you can see, I incurred 23.10% MORE expenses this year than I did last year. Of course, it could be worse.
I do anticipate that my expenses will be elevated over the next 6 months. As indicated in above, I’m trying to pay back an HVAC system that I bought and the payment I am making is $650 per month.
In any case, my expenses are moving in the wrong direction (annually). This is turning out to be a very expensive year! I’m really hoping next year will be better, as I will concentrate on keeping my expenses low.
Final Thoughts
I was nervous to write this report, but it turns out it’s not all bad. I earned a small profit for the month, but my annual expenses were higher this year than last year.
Here is why I have hope for the future.
My current balance on the HVAC replacement is $4137.60. So, I should be able to pay this off in six months. It’s currently at a 0% interest rate and will remain so over the next six months. So, by March 2024, I should have this paid off. Thus, starting in April, my expenses will be lessened. I can’t wait.
In looking ahead, I don’t expect to earn a lot of revenue in the upcoming months. Additionally, my expenses will be elevated during that time. So, the struggle is real as they say. Only time will tell to see how I end the year, but I am hoping to chip away at the loss with each new booking.
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