Broker RoundTable Notes 2

It was a disaster. I was really looking forward to another meeting of the San Diego Brokers RoundTable of the Mike Watson Institute of Real Estate Investing (MWI). We meet twice a month to catch up, learn something new and share our experiences.

The meeting was "hi-jacked" by the moderator right from the "get go."

After an abbreviated introduction round - only the 6 or 7 "new" people introduced themselves, he launched into a presentation of his condo project in San Bernardino. It seems that they were able to get the 3.2 acres for a little more than $500,000.00 which represents a LAND COST/FINISHED PRODUCT RATIO of only 4-1/2%. Absolutely incredible! A discussion ensued as to the appropriate land cost ratio and he admitted that Mike Watson "liked" 15%, which seems reasonable.

He went on about looking at another parcel in San Jacinto that would have only been about 5%, but he thought San Jacinto wasn't a good area to build in. His arrogant attitude "spoiled" the entire evening for others. No one presented any new projects.

There was an update on "the mini-dorm" remodel project near San Diego State. Escrow closed Tuesday and construction should begin next Monday. They only have 30 days until the students arrive.

When my turn came I told the moderator that I had intended to discuss my "fact finding" trip to Hemet but he had put the "Kibosh" on it before I could even start by his diatribe on the San Jacinto-Hemet area.

I had found some "condo" land that would have come in at about 8% which under normal circumstances would have been great, but because of the "negative" atmosphere created by the moderator, I didn't even want to present it. I will talk to some of the others privately though.

The meeting adjourned with me thinking that we needed an "alternative" RoundTable without this guy.