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Highest and Best Use

I am a student of the Mike Watson Institute. He teaches Realtors to be their own best client. I believe in this concept. How can I help others if I can't (or don't) help myself? We also believe that equity can be "created" by changing the use. If a particular piece of real estate in under-utilized, then it is almost certainly under-valued. Drive down any street and you will find a parcel that could be better utilized. They are everywhere. Vacant lots are the most obvious but a two bedroom house in an area of 3- and 4-bedroom homes is also an example. What we do is find these "dogs" and bring them up to their potential. Usually, we work as a team on these projects. Somebody will find the property, then we will evaluate the potential use change. Others will do the "entitlements" and our contractor will build it out.

To take advantage of this process, it is NOT necessary to "steal" the property. We can pay full market value and still make our money doing what we do.

Posted by Bill Roberts - "Baby Boomer" Retirement Planning on 07/02/2007 03:48 PM

Comments (12)

12 Comments on Highest and Best Use

JUL

2007

Great way to benefit from all your combined knowledge. I have been trying to get some of our agents to do something similar, but they seem to have their own thing going or don't trust the others. I am still pursuing it with my non-real estate businesses.

Hi Bill. I just wanted to welcome you to the Rain! I hope you enjoy it here and keep blogging!

Thank you for the info. It is nice to read a post that is so informative and adds value to the community. Welcome!

Thank you all for commenting. I hope we can have a continuing conversation.

Bill Roberts

JUL

2007

Hi Bill, I see this is your first post on Active Rain. Congratulations!! I Just wanted to welcome you to our Real Estate Industry Network!

Welcome aboard, I hope you'll continue to blog, and invite others. Wishing you all the success this industry has to offer.

Enjoy!!

Below are some sites and groups you may want to visit right away:
You will not find me putting links in your comments, anywhere else on your Blog.

READ ME FIRST
http://activerain.com/blogsview/99192/Welcome-Active-Rain-Newbies

READ ME SECOND - Setting up your Profile
http://activerain.com/blogsview/74458/Active-Rain-New-Members

READ ME THIRD - Before You Write Your First POST!!!
http://activerain.com/blogsview/135554/ActiveRain-Stand-Out-and

Active Rain New Members Group - Learn it All!
http://activerain.com/groups/newbies

Your Active Rain Community Resource Guide
http://activerain.com/blogsview/65489/ActiveRain-Community-Resources-Updated

Do You Want To Be The Featured Agent In Your Area? - Points Breakdown
http://activerain.com/blogsview/113081/Do-You-Want-to

FREE Photos and Graphics for your Blog
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Post Your Listings on Active Rain
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Lastly, you can join groups you have an interest in, or would like to learn more about. Maybe Target Marketing, Real Estate Technology, or you can search All Groups.

I hope you'll find these to be useful tools in helping you get started here on Active Rain. You will meet many wonderful people here!! Again, welcome to Active Rain, the best place for your Blog!

Good Luck to you and your business!

Thanks Brad,

I do feel welcome here. I appreciate the links. I intend to be active.

Bill Roberts

JUL

2007

Bill,

I attended one of Mike Watson's free half day seminars in April. I thought the information presented was worthwhile - however the speaker they had presenting was one of the worst I had ever heard.

I took a couple of the concert he taught - as you alluded to here - finding property that is not used to its best use. I did some searches in my market and found more than a handful of homes that fell into the criteria they discussed in the seminar.

I presented what I thought was the best to a Rehab investor client of mine. He like the concept - but he could not see getting int doing this - he was not convinced - regardless of the data I produced and cold show a profit - he just wasn't ready for this concept.

So, you are not so far from me - probably nor more than 50 or 60 miles. If I can find some of these deals...are you interested?

Please let me know,

John Occhi, Hemet CA REALTOR
Mission Grove Realty
Hemet CA Real Estate

John

I sent you an email on this.

Bill Roberts

SEP

2007

Bill, have you thought of editing this post to include a link to Mike Watson, and including it in some new groups? I'd be interested in attending something by him in Arizona.

Mike in Tucson

Mike, you just missed one. I have a series of posts on Broker Roundtable meetings. You can get more information there.

I see you found my first post. Thanks.

Bill Roberts

P. S. What I would really like is to get you into the conversation on the changing role of Realtors.

OCT

2007

Bill, After buying/selling investment property with my husband for over 20 years, I got my license for exactly this reason- be my own best client (and recoup some of that commission). I'll come across great deals, lots or property with potential and if I don't have a client ready and willing to buy, I will. How can I claim to know investment property if I'm not willing to invest myself? Great post!

Debbie, I see you reached all the way back to my first post. Thank you.

I have posted a quite a few articles on this subject matter. Hopefully some of it will be useful to you.

Bill Roberts

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