Second homes are out of reach for most people so this $1.5 billion startup invented a clever workaround—here’s how it works

couple sitting on porch at beach drinking wine (Credit: Getty Images—CourtneyK)

Buying a house in today’s market can be tedious and wildly expensive—even for the wealthy who can afford to buy a second home. But Austin Allison, an entrepreneur who sold his real estate software company dotloop to Zillow in 2015, has figured out a way for people to buy a second home without the headaches associated with homebuying or managing a timeshare.

About 10 years ago, Allison and his wife were “very fortunate” to become second homeowners, he told Fortune in a recent interview. They lived in San Francisco at the time and purchased a home in Lake Tahoe. But by owning a second home, the couple realized they weren’t just buying a piece of real estate—they were buying a second community, a second group of friends, and “a second life, in many ways.”