Broker RoundTable Notes 3

Last night The Mike Watson Institute of Real Estate Investing (MWI) had our semi-monthly meeting. It was actually our only meeting this month because Mike Watson had a "camp" in Scottsdale earlier in the month. His subject was "How to Retire in 5 Years."

Anyway, our meeting began with the introduction of three new members. Then we discussed Mike's latest camp.

It seems that one of the strategies that interested the most people was to find multiple units with multiple APNs and break them up into their constituent parts. It seems a 4-plex sells at a higher per unit price than does an 8-plex or a 12 unit property. Everybody said it sounded good but nobody had found any here in San Diego.

Next we discussed the state of the mortgage market. Since several of us are mortgage brokers or loan officers and since we were meeting in the conference room of Charter Funding (First Magnus Bank) which shut down earlier this month it was a topic of much interest and participation. Half of our meeting was spent on this. It seems the local Charter Funding group was looking to reconstitute itself by associating with another "Bank." I hope they're successful. Hate to have to find a new meeting place.

Several transactions were then discussed. One group had a parcel under contract in Imperial Beach (the most South West city in the US). They're going to build a high-rise (4 storey) condo complex/mixed use on approximately one acre. The city is offering all kinds of concessions and help with off-site improvements. This is one I would like to be a part of.

Another group just bought a house on one acre in Santee and they intend to do a lot split into six parcels. Then they will build six "manufactured or modular" homes on the site. Another "winner."

We adjourned then for an informal get-together. All-in-all a good meeting.