Much like my vacation rental report for Calypso Memories, I am excited to write this report. We have entered the busy season and with that comes the exciting prospect of the condos paying for themselves. Emerald’s Corner is a very expensive condo to own. The mortgage and HOA fees alone are approximately $6000. There are other routine expenses that I incur on a monthly basis as well. So, every little bit helps. Additionally, I’ve reported massive losses since the year started. So, I am eager to report a profit to start chipping away at that massive loss. Although I don’t expect to end the year with a profit, I do hope it will be less of a loss than last year. So, without further adieu, let’s see how Emerald’s Corner did in March 2024.
Vacation Rental Profit/Loss
Let’s see whether I made a profit or incurred a loss in March 2024 at Emerald’s Corner.
A. Vacation Rental Income
During the month of March, I earned $12,358 in income broken down as follows:
Booyah! That was an excellent month and one of the highest income months ever! I can’t believe it happened in March.
Although March is the beginning of the slow season, I don’t expect to see such huge numbers until June or July. Truth be told, I did get a $4000 booking starting the 29th of March for 14 days. So, April definitely won’t be as high. But regardless, I’m excited to see such huge numbers.
B. Vacation Rental Expenses
During the month of March, I incurred $10,032 in expenses broken down as follows:
My expenses in March were higher than desired. Of course, Emerald’s Corner is a very expensive property to maintain. Just the mortgage (no taxes or insurance) and HOA fees alone are about $6000 per month. But, I did incur some additional expenses outside of the routine.
Specifically, I decided to upgrade my balcony furniture in March. The good news is that this was the last major improvement I plan on making to Emerald’s Corner for a very long time. So, now, it’s just a matter of maintaining the property. I have it pretty much where I want it design wise.
I fully realize that unexpected expenses can arise, but my hope is that I will be reporting on only routine expenses going forward. If that’s the case, the overall expense amount should be under $10,000 per month. We shall see.
C. Profit/Loss Statement
Based on the fact that my income exceeded my expenses, my profit for March was $2326.
However, as shown below, my year-to-date loss is $15,401.
So far, I am starting the year at a massive loss. $2326 profit is better than a loss, but I’m going to have to do much better if I want to chip away at that massive loss.
I don’t anticipate that I will end the year at a profit, but I am expecting to do better than I did last year.
Annual Income and Expenses
April 2023 was my first year owning at Emerald’s Corner, and May 2023 was the first time I was able to generate income. So, I don’t have any income or expenses to compare it to. This section will make a lot more sense come March 2025.
A. Annual Income
Let’s see how the annual income at Emerald’s Corner look from one year to the next.
Here is the raw data:
Again, this section will make a lot more sense come March 2025.
B. Annual Expenses
Let’s see how the annual expenses at Emerald’s Corner look from year to year.
Here is the raw data:
Again, this section will make a lot more sense come March 2025.
Final Thoughts
This was a great report for March. The snowbird rate I have set for this condo is $2500 a month. That’s what I got for January and February. Had I chosen to rent to snowbirds in March, I would only receive $2500. But, by not renting, my gross rental income was over $12000!!! This reinforces the notion that I will no longer rent to snowbirds in March.
Had I chosen to rent to snowbirds in March, I would only receive $2500. But, by not renting, my gross rental income was over $12000!!!
While I don’t anticipate every March being like 2024, this is really encouraging. I am done making improvements to Emerald’s Corner. So, unless an unexpected expense occurs, I shouldn’t be incurring large expenses for the foreseeable future. It’s now just a matter of maintaining the property.
Finally, I am still waiting for interest rates to go down so I can refinance. That might not happen for another couple of years, but it is what it is. I’ll just continue to use the property when it’s vacant and provide a 5-star service to my guests when it’s not.
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