The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop #01322

Submission Number:
01322
Commenter:
Jennifer Jenkins
State:
Virginia
Initiative Name:
The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
We own a farmhouse built in the 1890s, in a small town, in Western Loudoun county Virginia. We bought it in 2005 before the great recession, with the intent of renovating it for business use but, the recession thwarted those plans. We were finally able to renovate it in the summer of 2014, with plans of selling it. After being listed for several months, we began to worry about having to carry the mortgage for an extended period of time. We learned about renting the house on a short term basis through airbnb and vrbo. We listed the property on both sites and have had great success. It has been a lifesaver financially, we are able to pay the mortgage and pay for upkeep while still being listed for sale. The guests we've had have been wonderful tenants, taking great care of the house and supporting our local restaurants and wineries. It has also provided much needed housing for events like weddings and such being held at local wineries. This is an excellent avenue for property owners who have difficult properties to sell and for areas that lack lodging for out of town guests.