Wen Cheng: From Quant to Hotel-to-Apartment Entrepreneurship
A Cross-Industry Journey from Finance to Real Estate
Interviewee｜Wen Cheng
Interviewer｜Xiao He
I. From PhD in Statistics to Quant Fund
Xiao:
First of all, thank you so much for joining us today, Wen. Could you start by introducing yourself to our readers?
Wen:
Hi everyone, I’m Wen Cheng. I used to work at a quant fund in New York, developing a quantitative platform for mortgage-backed securities. Now I’m full-time focused on hotel-to-apartment conversion projects — literally taking a distressed hotel, buying it, renovating it, converting it into apartments, and then selling it. You can think of it as a “giant-scale house flip.”
My background is in statistics — I hold a PhD — so going into quant finance was a natural path. The courses we studied, like time series, logistic regression, and machine learning, all prepared me for quant work. Back then, “machine learning” wasn’t even called AI yet (laughs). After graduation, I joined Wells Fargo to build models, then moved to Bank of America, and later to a fund in New York. It was a pretty typical career path in finance.
II. Life in Charlotte vs. New York
Xiao:
You’ve lived in both Charlotte and New York. What’s the difference between those two experiences?
Wen:
Life in Charlotte is much slower, more family-oriented. Many people move there for their kids and for a better work-life balance. But if you want to really advance your career in finance, New York definitely offers more opportunities.
I moved to New York in 2022, after the most dangerous phase of the pandemic had passed. Once there, I could clearly feel my personal growth accelerating — and I was meeting all kinds of people from very different walks of life.
III. Inspired by Friends — Stepping into Commercial Real Estate
Wen:
In New York, I met a few friends who really changed the direction of my life. They were also quants, but they were investing in commercial real estate on the side. One of them had the same background as me — he built mortgage-backed security platforms — but also did real estate deals. Through them, I saw a completely different world.
In big cities, people are generally more open-minded. You meet people who are nothing like you, and that’s often where the biggest inspiration comes from. Your closest friends are important, but if you want to truly break out of your comfort zone, you have to meet those you normally wouldn’t.
IV. From W2 Employee to Entrepreneur
Xiao:
You mentioned that the entrepreneur mindset differs from the employee mindset. Could you elaborate on that transition?
Wen:
When you’re employed, your focus is on “how to do your current task well.” But when you’re an entrepreneur, the question becomes “which tasks should be done — and which shouldn’t.” The perspective is completely different.
Entrepreneurship also taught me the importance of communication. As a coder, I used to work pretty independently, rarely needing to talk to many people. Now, I deal daily with sellers, lawyers, accountants, contractors, city officials, investors, and employees — every day is a new set of human problems to solve.
I eventually realized that all problems are, at their core, people problems.
V. From Stable High Salary to Full-Time Founder: Understanding Risk
Xiao:
You had a stable and well-paying job in finance. What pushed you to take the leap into entrepreneurship? How do you think about risk?
Wen:
Honestly, this is the highest-risk decision I’ve ever made in my life.
Most people define risk in financial terms, but I think there’s another kind — the risk of experience.
If you’re unhappy with your life yet do nothing to change it, that’s an even bigger risk.
Of course, I chose hotel-to-apartment conversion because the underlying logic makes sense. The value of an asset depends on its use — hotels tend to have lower value, apartments higher. Through renovation and repurposing, we transform a low-value asset into a high-value one. It’s a kind of “hard work arbitrage” — using our labor and expertise to unlock value.
It brings not only financial returns but also social meaning — helping more people afford a decent place to live.
VI. The Reality of Entrepreneurship: Problems and Growth
Wen:
In commercial real estate, every day is about problem-solving.
For example, one of our projects got delayed because of new energy regulations. Later, our consultant suggested breaking the project into several smaller sub-projects below a certain size threshold — each submitted for approval separately. Surprisingly, that made the whole process faster.
Entrepreneurship is basically a constant state of problem-solving.
And solving problems — that’s how you grow.
VII. From Coding to the Art of Human Relationships
Wen:
When I was coding, I only had to communicate with a few colleagues. Now I collaborate with all kinds of people.
I’ve also learned what kind of employees tend to get promoted: those who take initiative, communicate proactively, offer solutions, and help their managers solve problems — not those who constantly need to be followed up with.
That realization also reflects back on myself: entrepreneurship has taught me what real leadership means.
VIII. Family and Partnership: Sharing the Risk
Xiao:
When you mentioned your wife earlier, I could feel how supportive she’s been.
Wen:
Absolutely. If she hadn’t gone back to work, we’d be burning through our savings every month, which would be incredibly stressful. Her income at least covers our living expenses, allowing me to take calculated risks with projects.
If both partners are under extreme pressure, it’s hard to make clear decisions. Now, with one of us working and the other building a business, our home feels more stable.
Many people equate success with maximizing wealth. But for me, it’s about minimizing regret.
I’d rather fail than regret never having tried.
IX. Shifting Social and Value Perspectives After Entrepreneurship
Wen:
When I was at the fund, everyone around me had high incomes. But after starting my business, I interact with more blue-collar workers.
A lot of Americans make between $40,000 and $100,000 a year, and their biggest stress is rent.
The apartments we create help address exactly that problem — affordable housing.
To me, that’s meaningful work — it provides real value to society while still generating reasonable returns for investors. That feels far more rewarding than just chasing high net worth.
X. A Book Recommendation for Entrepreneurs
Xiao:
We always end our interviews by asking guests to recommend a book or movie. What would you suggest?
Wen:
I’d recommend What It Takes by Steve Schwarzman, the founder of Blackstone.
It’s a great read for entrepreneurs. You’ll see that even someone as successful as he is faced countless challenges along the way.
It taught me that problems are the norm — solving them is life.
Xiao:
Wonderful — thank you so much for sharing your story with us today.
Wen:
Thank you.