Well, it is now time to post the vacation rental report for Emerald’s Corner for April 2024. For all practical purposes, Emerald’s Corner is the flagship of my rental properties. It is the most expensive to maintain, but also the most luxurious. I’d be lying if I said it didn’t keep me up at night some nights. But, as mentioned in a previous post, I have the property where I want it. So, now it’s just a matter of maintenance and keeping my expenses low. It’s going to be hard to make a profit this year with Emerald’s Corner, but I’m still gonna try. In any case, without further adieu, let’s see how Emerald’s Corner faired during April 2024.

Vacation Rental Profit/Loss

Let’s see whether I made a profit or incurred a loss in April 2024 at Emerald’s Corner.

A. Vacation Rental Income

During the month of April, I earned $4691 in income broken down as follows:

The income is low for April and doesn’t even cover the debt service on the property. Granted I had a massive income in March, so I guess it balances out. While I wasn’t expecting a repeat, I was hoping to do better.

B. Vacation Rental Expenses

During the month of April, I incurred $9467 in expenses broken down as follows:

Although my expenses were high, I am glad I was able to keep the amount under $10,000. It is my goal to keep my expenses as low as possible for Emerald’s Corner.

C. Profit/Loss Statement

Based on the fact that my expenses exceeded my income, my loss for April was $4777.

As shown below, my year-to-date loss is $20,178.

I don’t expect to make a profit in 2024, but I am hoping to do better than I did in 2023.

Annual Income and Expenses

April 2023 was my first year owning at Emerald’s Corner, but 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 April 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 April 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:

Unlike the income category, I did incur expenses in April 2023. As you can see, I incurred 66.04% more expenses this year than last. There are a number of reasons for that. Since I bought the property in April, my debt service wasn’t really due until about June. So, I fully expect my expenses to trend negatively for both April and May.

It takes a while for the property to be up and running and for all the expenses to be realized. So, in other words, I expect things to get worse before they get better.

Final Thoughts

This was a disappointing report. We are in the busy season, and I am still recording losses in a month. My year-to-date loss is so high that I don’t anticipate making a profit this year.

Truthfully, I didn’t purchase this unit with the sole intention of making a profit every year. The goal is to use it for myself as well. In fact, I knew I would have to use money from my personal funds to keep the property afloat. However, I am hoping that the losses incurred this year will be less than the losses occurred in 2023.

As we get closer to the hot months of June and July, I am crossing my fingers that the property can do well. But so far there’s still vacancy. Regardless of whether the news is good or bad, I will be fully transparent.

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