One of my neighbors has purchased seven cars and an RV and boat in the last few years. All but the boat is parked in the street because they only have a one-car garage, which is – you guessed it – full. They inherited their property free and clear under Prop. 13 ($350 yr. taxes) and then – – you got it – mortgaged it to the hilt after taking out 2 seconds, one HELOC and 7 “cash-out” refi’s. Now they’re pushing retirement age saddled with yet another new “cash-out” 30-year mortgage that just closed. They’ve paid more in closing costs than I took out on my first trust deed! Guess I’m the stupid one still driving a 16 year-old vehicle . . . Hail to CONSUMERISM!!!!
I’m sure I’ll be around to see the day their bank rolls in a 34-foot dumpster – LOL! They’re on “disability.”
