Today we’d like to introduce you to Chloe Kwon.
Hi Chloe, it’s an honor to have you on the platform. Thanks for taking the time to share your story with us – to start maybe you can share some of your backstory with our readers?
I’m originally from Seoul, South Korea (Yes, the home of KPOP and KBBQ!) and when I was growing up, I always thought there has to be a better life. A life of happiness and better opportunities instead of the one with crazy long work hours, uber-competitive, and intense pressure. So when I was 12, I decided to move to the US to go to a boarding school to find that life for myself. Without any family and not knowing English, it was definitely a challenging experience growing up and navigating the world, but after 4 schools including a grad school, I finally found stability by becoming a Data Scientist leveraging AI and Machine learning to solve challenging problems of the world. In the meantime, it’s always weighed my mind for not being able to spend more time with family as they’re halfway across the world and growing up on survival mode.
But even after becoming a Data Scientist, I realized I was still missing something in life – a positive impact on the world, financial freedom, and most importantly, time freedom so I could travel and spend more time with my family. I wanted to have more opportunities to empower other people, especially women and immigrants by sharing my story and I wanted to have the financial and time freedom to do what I want and when I want without guilt. I didn’t know all of it at the time but buying my first home in East Austin, fixing it up, and house hacking by Airbnb-ing the house was the start of this journey towards the life I envisioned.
Since then, I started a residential infill development company building properties focusing on East Austin during COVID with the Build-to-Rent (BTR) model and learning every day about financing, acquisition, deal structuring, Austin Development Code, developing and leasing, and project management. I’ve renovated a beach house in Florida with a business partner where I get to enjoy a beach vacation in between being operated as a short-term rental. I’ve also gotten involved with a commercial syndication group and setting procedures for deal structuring on value-add and development of commercial properties. At the end of last year, I also started a women’s real estate investor group in Austin where women real estate investors can get together for fun events (like Rosé & real estate events), create a community of like-minded women, and can do more deals and projects together in a safe, education-focused environment without judgment (please reach out if you want to be a part of the community!). I’m still juggling the day job as a Data Scientist and real estate projects but I truly feel I’m on the path to the life that I envisioned when I was 12.
I feel very lucky to have a home, a dog (a mini-golden doodle named Tater), and the community of people with a growth mindset that I get to surround myself with. It wasn’t the easiest journey to get to this point (which a lot of you reading might resonate with) but I’m excited for what’s to come.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
The biggest obstacle when we started the development project was financing. Since they are longer projects with a higher variability for cost projections, not many banks were willing to trust first time developers, especially during COVID. I’ve called around 100 banks until finally, one bank took a chance with an appropriate loan term. Now I’m working with other investors and private lenders so thankfully, it’s a much easier process now.
Another challenge I had was when I bought a tiny house during COVID. I originally planned on putting it in the backyard of my primary but I wasn’t aware of the covenant restrictions (I.e. deed restrictions) that forbid construction of a second dwelling. So I’m looking for another lot to place it (originally, I had a vision for a glamping compound until inflation and interest rate hike happened – still might happen in the future!). Definitely a great lesson to learn during my real estate journey on the importance of due diligence as well as relationships. Thank you to all the people in my network and the business partners I reached out for advice and connections. It has been a great reminder to cultivate relationships by helping others and providing value wherever you can.
We’ve been impressed with CSK Development, but for folks who might not be as familiar, what can you share with them about what you do and what sets you apart from others?
I love the idea of living the life you’ve designed, where you get to design different aspects of your life that is aligned with your aspirations and dreams.
CSK development works with investors to create functional, creative, and profitable investment properties in Austin by leveraging Build-to-Rent (BTR) model.
Let’s talk about our city – what do you love? What do you not love?
I love the feeling of acceptance that permeates the culture of Austin. Even if it might be fading slightly now, Austin’s motto is “Keep Austin Weird” and that has always been comforting knowing that however different you are or what background you’re from, you will be loved and accepted in our community. The I-35 traffic is my least favorite part but compared to Seoul rush-hour traffic, it’s nothing!
Contact Info:
- Website: https://linktr.ee/chloekwon.re
- Instagram: https://www.instagram.com/chloekwon.re
