This question has been asked multiple times, here and here, and the answer to get this working is fairly straight forward: add an environmental variable to your bash_profile and all Meteor instances on your localhost will share that MONGO_URL.
What I've noticed however is that while this may be the case, there's quite a bit of latency in the "reactivity" of Meteor. I've tested this with two very lean Meteor apps, with empty collections. Inserting a document to a collection from one Meteor app, where my second app is querying that same collection and printing out a field from the documents does work, but there's a noticeable lag before it updates. I've ruled out the possibility of the collection insertion being the source of the lag (simple console.log callback on the client of the first app, logging the id of the newly inserted document).
My purpose for having multiple apps (two to be precise) sharing the same MongoDB is to separate an admin panel from a mobile app without going crazy regarding name-spacing and bloat. This configuration works, but I'm not sure it's the "proper" way of accomplishing the task, and it certainly seems to be causing a performance hit.
Any insight into this matter would be appreciated. Thank you!
EDIT: To clarify, the db URL I'm using is on my localhost, and isn't something hosted online.