Hi from the Rocky Mountains in Colorado!
I hope that you are well.
I am happily enjoying my third day of a 3-day solo writing retreat. I decided to run up to the mountains to dig into the book.
I’ve had so much fun doing so too! Denver is here with me, enjoying multiple daily walks and lots of sleep while I write and create. This retreat, in nature, is just what I needed.
I am so grateful to own this beautiful condo in Frisco, CO, on Lake Dillion, with a view of the continental divide. It was one of the best decisions my husband and I ever made.
By purchasing this piece of paradise to share with the world and use ourselves, we showed great empathy for our future selves. We had no idea it would be such a thriving side hustle today.
Now that we have moved home, we get to use it more. So here I am writing!
Here's a breakdown of my 2022 multiple streams of income that I shared in my last blog post.
55% ($37,252) from a property rented as a short-term rental on Airbnb
21% ($14,000) from international educational consulting
15% ($9,999.96) from dividends in the stock market
9% ($5,999.97) from online mentoring and coaching
For the short-term rental on Airbnb, here's a monthly breakdown of revenue:
Notice the variance for $0 - $6,152 a month! Mud season up here is a real thing. Both spring and fall are low times. These seasons lay between the ski and lake seasons that are so popular.
To calculate the net profit from the rental property, we need to consider expenses such as a mortgage, HOA fees, Airbnb fees, property management, homeowners expenses, utilities, etc. which cost us around $2,000 per month.
$37,252 / 12 months = $3,104.33 monthly revenue
$3,104.33 monthly revenue - $2,000 in expenses = $1,204.33 monthly net profit.
However, it's important to note that each year is different, and we don't know what 2023 and beyond will bring. Additionally, owning a home can be expensive, and unexpected expenses can arise.
For instance, last year, we had a $6,500 roof assessment, which decreased our net income to $14,451.96.
$14,451.96 - $6,500 in fees = $7,951.96 net income for the year with the roof assessment, which brings it down to $662.66 net income per month for that year.
Despite these challenges, this number is still positive, which is excellent! You have to go with the aches of property ownership.
Was this breakdown helpful? Comment below and let me know what you think!
PS- I am growing my connections to 500+ and need your help. Connect with me on LinkedIn!