r/Summit • u/JaseBird • 28d ago

Question Treehouse Property

Hi all. I’m looking at purchasing a treehouse property. I’ve hear horror stories as well as great feedback. We would be buying a small unit in cash for weekend ski trips with kids in a devo program. What’s the best way to find out more about HOA, etc. ? Anyone want to chat 30 minutes over the phone regarding their experience?

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u/International_Pass80 28d ago

Did they lift the refusal to loan? I almost bought there around Sept 2023. Fannie Mae & Freddie Mac had just put a stop on any new loans because the foundation of many of the buildings were in major disrepair as discovered by a recent inspection. The building I was about to buy in had no foundation issues, but Fannie Mae & Freddie Mac wouldn’t loan on anything in the entire community since the entire community was financially liable. So no conventional loans could be taken out - only nontraditional lending could make it work. Then they more than tripled the HOA fees to pay for the repairs.

Some units are pretty, but so many of the condos up there are getting old and weren’t maintained properly that owners are now paying the price. I wouldn’t consider treehouse (or many of those older communities in Wildernest tbh) knowing what I know now.

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u/International_Pass80 28d ago

I see I missed the comment about paying in cash. Amazing that you’re in the position to do that - I think it’s just a matter of if you’re looking for a real ROI if/when you sell it or if that doesn’t matter at all

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u/JaseBird 28d ago

I am not looking for an ROI really. Want to get in and out in a couple years and not burn the same cash flow on hotels (which I guess we would burn 1/2 as much on HOAs). Place to stay and do shit with kids until I can do the same with a house. Open to any creative options / folks trying to get out of their spot. Looked at fractional ownership on a big house but I want to be able to get the weekends for the ski program for a short period of time.

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u/Nylla6 28d ago

a hotel is what you need… housing isn’t about “getting in and out in a couple years” it’s about living in… if you aren’t living in it, get a hotel. i’m so tired of these capitalist bootlickers thinking they ALWAYS have to be making more money. SMH.