Josh - While I do buy expensive, kiln-dried wood like mahogany, I also fell and mill my own wood when the tree seems too good for firewood, or if it's boxwood or other small, desirable species.
I don't have a moisture meter, and I use the oven-dry method. You don't assume that the original weight is 100% - this is actually your "unkown" (and what you're trying to get at). I place a sample of the wood into a 200 degree oven for about 5 hours, weighing it on an elcheapo kitchen scale about every 30 minutes. After I get 3 consecutive readings that are the same, I consider that 0% moisture. Then, (initial weight-final weight)/final weight X 100% = initial moisture content.
For smaller pieces of rosewood, ebony, boxwood and other exotics, I just use the direct-weigh method. I plane off a face, weigh the board, write the weight and date on the planed face, wait a month, and repeat. After 3 consecutive identical weights, the piece is acclimated to my shop (and I really don't care what it's absolute moisture cotnent is).