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Steve Metter is CEO and principal of MW Group, Ltd., and principal broker of MW Commercial Realty Inc., which is a real estate development company with over $325 million in assets including the Pioneer Plaza. Others include Nimitz Center, Hawaii Self Storage, Azeka I and II Shopping Center, Kihei Plaza, Kihei Kalama Village, Plaza at Punchbowl and Hawaii Self Storage.
Metter is an active community volunteer and through the B.R.I.D.G.E program, has extended his philanthropic proclivity to encompass those within his company.
Perseverance and eagerness to learn are instrumental to his success-these stemming evidently from his drive to get through college. And his ticket to university rested in the real estate business.
Introduction to Real Estate
Steve Metter's acquaintance to the real estate industry came quite candidly as an adolescent. Metter read a book about real estate where he realized the fundamentals and interrelationships of mortgage, interest rate and the market. At 18 years old, he had virtually bought his own home.
"I had read a book about real estate and I recognized that when interest rates were so high, the market would be very depressed and so I put an ad in the paper, if anyone has a mortgage they would like me to assume, I will assume it at the full value of the mortgage. So a guy called, a military guy living in San Diego and I in effect bought my first condo at age 18 ½, almost 19."
"I went to knock on the guy's door and he was expecting an adult, not an 18 ½-year-old little guy and so I knock on the door and he says, "Hey kid, whatever you're selling, I'm not into it. I've got to wait around for this guy because I'm trying to sell my condo." I said, "I'm that guy." And he said, "What is this, Candid Camera?" I said, "No, really. I'm that guy. Can I come in?" And he was really bummed out because he was trying to sell his condo and I sat there and said, "Listen, I can assume your mortgage and I can afford to pay for it." And he said, "Well, do you have a job?" I said, "Not exactly but I'm going to get a job. If I can get your property and contract, I'm going to go to Costco and bag groceries or do whatever I have to do and I'm going to find a partner to rent the other rooms or buy half the condo."
Metter stayed in the condominium for 18 ½ months. He got a real estate license and shared the unit with a doctor. Eventually, he was able to assume the mortgage and sold the property. He netted $4500 which, along with some student loans, was used to fund his education at Berkeley.
To Steve Metter education was of great value that he even tried to pursue tertiary studies without the financial support from his parents.
"I had to pay for school some way and I realized having not having taking some part-time jobs, that school was the solution and that working right out of school was not an option. So now I had to figure a way to pay for it because my parents weren't in that position and so this was a vehicle to do that and it happened to work."
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