Mortgage and real estate professionals want to contribute to GCA Mortgage Group? Gustan Cho Associates, also known as GCA Mortgage Group, and its subsidiary mortgage and real estate informational partner websites welcome industry professionals to post unique content benefiting our viewers, consumers, borrowers, and industry professionals. Guest writers at Gustan Cho Associates are experts in real estate investors and practicing licensed mortgage, real estate, or real estate-related industries with years of experience and a verifiable proven track record.
We do not accept posts that include links to low-value websites or blogs. We do not accept spam posts containing affiliate links. By submitting your guest post for review, you must read, understand, and agree to our terms, policies, and procedures at Gustan Cho Associates and its subsidiary partner sites.
All of our associate contributing editors are practicing licensed loan officers at Gustan Cho Associates or experienced practicing professionals in either real estate or real-estate-related industries. Many of our associate contributing editors have been featured and published on reputable high-profile media networks respected by national viewership and lenders. See some of our featured writers here. If you would like to be considered to contribute to Gustan Cho Associates as an associate contributing editor or guest writer, please follow the steps below.
Contribute To GCA Mortgage Group as an Associate Contributing Writer
Gustan Cho Associates are mortgage brokers licensed in 48 states, including Washington, DC, Puerto Rico, and the U.S. Virgin Islands. The team at GCA Mortgage Group has a national reputation for being able to do mortgage loans other lenders cannot do.
Over 80% of our borrowers could not qualify at other mortgage companies due to a last-minute mortgage loan denial due to lender overlays. Author credit for the published article when you contribute to GCA Mortgage Group. The opportunity to include a short biography at the end of your post.
The opportunity to include links to your website and social media accounts will be embedded in your author biography profile. Access to one of the largest audiences of consumers, loan officers, realtors, attorneys, and third-party mortgage industry professionals. Growing businesses on the Internet. Association with a well-known, established brand that has been around since 2013 in the mortgage industry.
Policies and Procedures For Authors
Professional mortgage and real estate experts can contribute to GCA Mortgage Group regularly or periodically if they agree to follow our policies and procedures. Suppose you want to contribute to GCA Mortgage Group as an associate contributing editor or guest writer; you will have a personal one-on-one meeting with one of our senior managing partners. Your educational and work experience will be vetted and fact-checked for credibility, experience, and industry reputation. Once approved, you can turn in your work for review and publication.
Licensed loan officers, branch managers, mortgage underwriters, and owners of mortgage companies can contribute to GCA Mortgage Group and its partner websites and social media platforms.
Gustan Cho Associates has a local, regional, and national viewership audience. Welcomed to contribute to GCA Mortgage Group are real estate agents, brokers, mortgage professionals, and third-party professionals in real-estate and mortgage-related industries such as bankruptcy, divorce, and real estate attorneys. Expert writers must provide content about the mortgage or real estate =related topics or certain types of financial news. Financial and economic content are great topics, such as mortgage-backed securities, treasuries, and securities are also good topics.
Type of Content Allowed To Contribute to GCA Mortgage Group
All associate contributing editors and guest writers on Gustan Cho Associates and its subsidiary partner sites will be fully vetted before we review the content submitted. Ghost articles without crediting the author are not accepted for review and publication. Do NOT send us an email with your copy. Use the guest post application button below.
Posts must be 1,000 words or more in length. All submitted content must belong to you, be original, and not be published elsewhere. Your post should contain an interesting or catchy title and be SEO-friendly. All posts must be focused on quality to add value for our readers.
The content may be based on research, facts, or experience. Content must be related to the topic in detail, as we do not accept content that is incomplete, vague, or facts. The content must be relevant to the subject matter at Gustan Cho Associates or its affiliate or subsidiary partner sites or media platforms. When quoting others, you must cite the source. We reserve the right to add affiliate links or advertising in or around a guest post.
How My Experience In Real Estate Led To Become an Expert in Mortgage Loans
The team at Gustan Cho Associates and its affiliate and subsidiaries would like to thank you in advance for allowing us to give you our background, foundation, and business model at Gustan Cho Associates and its subsidiaries. Gustan Cho Associates has been investmenting, developing, managing, and lending its residential and commercial real estate portfolio. With over 1,000 free-standing multi-family residential properties and seven large apartment complexes in three states, our portfolio was owned, operated, and managed by the support and operations staff at Gustan Cho Associates (dba GLC Properties).
Most of our real estate portfolio were in Chicago, Illinois; St. Louis, Missouri; and Indianapolis, Indiana. In Indianapolis, Indiana, Gustan Cho Associates owned, managed, and operated Forest Hills Apartments, Country Club Apartments, Cedar Apartments, Emerson Apartments, and Eagle Terrace Apartments (Brookstone). Gustan Cho Associates owned, managed, and operated Southgate Apartments in Chicago, Illinois. In Florissant, Missouri, Gustan Cho Associates owned, managed, and operated Heatherton Estates Apartment Complex. Our communities, named above, 2008 were not only victims of the financial crisis of 2008 and a falling economy but victims of both crime and circumstance.
The properties encountered high crime, such as murders, home invasions, massive thefts, major plumbing setbacks, vandalism, robberies, and attacks on residents and employees. During this pressing time, starting in August 2008, our communities suffered a large turnover due to these unforeseen circumstances. Once the turnover began, it became a snowball effect, thus resulting in our lack of payment ability. The Chos began liquidating and mortgaging their assets to help the communities move forward. They placed mortgages on their assets, which had free and clear titles before this turn of events.
Owning, Managing, Operating 3,000 Housing Units
Management at Gustan Cho Associates knew that investing good money in a losing situation was not a good financial decision, and this was not the case. Gustan Cho Associates felt that with a little help, these properties were very close to being profitable again. Problems like these, not to this large of a scale, had happened before during their many years in the real estate business, but they could always get short-term bridge loans to re-stabilize the properties. Unfortunately, the credit markets shut down, and other sources needed to be implemented.
The commitment to help these properties did not and has not wavered. Unlike many other mortgage holders, they have not just given up and walked away. They have continued to place themselves with additional financial burdens to help make good on the property’s debts.
In August 2008, GLC Properties had well over 600 net vacant companywide. We suffered the loss of this rental revenue and incurred the cost of sewer lines collapsing and elevators going down. The units that were left vacant were vandalized, robbed, and left in conditions that resulted in further expenses such as carpets, cabinets, drywall, HVAC, etc. However, the teams on each side continue to push forward to make GLC profitable. On February 9th, 2009, we had a potential net vacancy of 42 companywide. This was an average of 8.4 vacancies per site. If we had been able to move forward at that time with the help of Citibank, we would have reached our goal of 2% vacancy by March 31, 2009. In February 2009, the Indianapolis properties had a net potential vacancy of -22.
Southgate Apartments-Chicago Illinois
Southgate Apartments, located in Chicago, Illinois, had encountered what we considered a short-term setback. Due to the downed elevators, drug dealers, petty crime, and lack of concern by the previous on-site staff, Southgate had seen an increase in move-outs and delinquent rent payers. In February 2009, it had a vacancy of 52, and an additional 54 residents were placed with our attorney for legal removal due to nonpayment of the rent. GLC Properties took drastic measures to overcome this setback. Management terminated and replaced the office staff with more qualified and motivated team members. We employed local law enforcement to help serve and expedite the eviction process and decrease petty crime.
We changed our current marketing structure to include a strong outreach to the community to help bring more qualified and professional individuals to Southgate. We began working within local Chicago and Mt. Greenwood county offices to help bring in a stronger clientele. We began running criminal backgrounds on all prospective tenants and upon lease renewals. In February 2009, we asked that Citi Bank give us a one-time forbearance to begin paying all back debt for the five Citibank Properties and bring all account balances owed by Citibank’s properties to zero balance.
This would have eliminated late fees, deposits, and accounts placed on hold. This would have lifted this monthly burden on the sites that caused us to waive having proper supplies for move-in and occupied residents to pay the utilities off of disconnect. We would also have begun to repair and bring all vacant to a make-ready status so they could be rented quickly. We would pay the insurance for each site and have all the elevators repaired at Southgate.
Once the vacant was ready for move-in, we felt that our properties could maintain a 2% vacancy and have an average monthly debt service of approximately $48,700 per month (not including taxes or mortgages) per site. This would allow us to be timely with Citibank’s mortgage payments and keep our current bills paid on time each month.
We had even proposed having a reserve account. This reserve would allow our properties to handle unforeseen maintenance issues that may arise without hardship. Paying back the old debt to the vendors would have allowed us to free up marketing avenues that we have had to place on hold due to the inability to pay the bills.
We had a marketing plan to reach out to all Marketing Avenues and strong outreach programs to ensure that we reached every possible prospect within our reach. We felt that the teams in place and the new management structure, companywide, would have helped us maintain our properties better and ensure prompt monthly payments to Citibank and our debtors. In March 2009, Citibank demanded that we hire a professional financial advisor.
They pushed the Chos to choose the Focus group, stating that they had used them in the past and would allow us to do the workout with a contract with the Focus Group. In March 2009, Focus began auditing GLC properties and creating a plan for our communities to get out of debt. We had developed a budget and a payback schedule. In September 2009, Citi Bank stated that they were pleased with the progress and would give us, GLC, until September 2010 to complete a workout and bring the properties back to being profitable.
Citibank and Focus demanded that the Chos begin liquidating their assets and stop paying personal bills to continue with the workout. The Chos complied. They took Citibank at their word and began liquidating and not paying their debt to satisfy Citibank and Focus. The Cho’s credit was deteriorating so they could prove to Citibank that they were serious about the workout. Once their credit began to deteriorate, it was nearly impossible for the Chos to contact other financial institutions to help them get out from under Citibank.
However, the Cho’s were confident that Citibank was true to their word and would continue to allow the work out until September 2010. Focus Group had already billed for nearly one million dollars from March 2009-September 2009, NOT including the exotic cars they took as payment from Mr. Cho. By September 2009, the properties had begun to move forward.
We were meeting the set budget, decreasing vacancies, and increasing the income. The properties had 378 vacant company-wide (Brookstone not included). This was an average of 63 vacancies per site. Almost half of what the vacancy was in August 2008, only one year earlier.
In September, the representative, Anita Jordan, was promoted, and a new representative took over our account. Immediately, the accounts were filed for foreclosure, and the promise of a year to work out the GLC portfolio was not discussed. The Cho’s had followed all contingencies and demands by Citibank, yet Citibank did not hold to their end of the negotiations. In October 2009, the Chos received paperwork that a receiver was appointed for Forest Hills Apartments.
The Cho’s had never been served the paperwork that the foreclosure was filed. Citibank began filing foreclosure on all properties without proper service to the Chos. Citibank was fully aware the Chos had vacated the house at Citibank’s request, yet Citibank continued to serve a vacant house. By December 18th, 2009, all Citibank Properties had been placed into receivership. Four different receivers exist out of the five sites with the Citibank portfolio. In several cases, individuals without property management backgrounds run the sites. Since the receivers are in place, all but Forest Hills Apartments have fallen backward.
Each receiver, except Forest Hills, has increased the payroll amounts, added insurance and benefits, and increased property spending that the properties could not support before the takeover. They have all increased vacancies; (except Forest Hills) while not increasing revenues. They have increased spending and not income. In some cases, the receiver is so unaware of the landlord-tenant laws that he has violated the law and has caused the property to take on larger debt due to lawsuits. Feel that should GLC regain control of its assets, GLC will prove to be a profitable company by 2011.
It will take time for each site to regain its status before taking over the receivers. However, we feel that it can be done quickly. The leasing season is the key time to turn the sites around. April through August 1 is our key leasing season, and it would benefit us to have control during this time.
September through March is a slower rental season, and it will take longer to lease up during these months. Each property has items that will need addressing in the future should we take the site back into our control. Some items below are not immediate but will need addressing in the future. This information is based on items we were aware of before the takeover of the receivers.
Cedar Apartments-Indianapolis Indiana
Cedar Apartments was just taken and had 39 vacant—asphalt Repair—bed Bug Treatment of approximately 50 units. Down units need to be brought up. Cost is minimal as it is furnaces, carpet, vinyl, appliances, and cabinets. These are not complete guts. Lighting. Door replacement on seven doors. Balcony Repainting and exterior door painting. Balcony repair. Replacement of approximately 10 Windows. Repair of swimming Pool. Addition of Security Lighting.
Country Club Apartments-Indianapolis Indiana
Country Club Apartments – before the receiver had 99 vacant- now has 126 Replacement of approximately 50 Window air conditioners. Roof Replacement on nine buildings. Rehab of approximately 24 down units, including drywall, flooring, baseboards,. Heating and cooling systems. Asphalt repair and striping. Interior hall painting. Guttering repair/replacement/ soffit repair. Replacement of 80 refrigerators Replacement of approx. Thirty stoves Replacement of baseboard heating in about 50 units, including the downed units. Repair of the Security Cameras. Common area halls need flooring repair/replacement and railing replacement—addition of Security Lighting.
Emerson Village Apartments-Indianapolis Indiana
Emerson Village- Before Receive had 41 vacant has had as many as 74 since the receiver and is now at 59 vacant—replacement of approximately five patio doors. Carport repair and painting Interior halls need repainting. Exterior doors and Patios need to be repainted. Roof Repair. Balcony Repair.
Heather Estates Apartments-Florissant Missouri
Heatherton Estates-814 Development Group had 70 vacant and is now well over 100 vacant after receiver take. Over. Roof Replacement throughout. Gutter repair and replacement throughout.
70 Down units need major rehab from furnaces to foundation, to drywall, etc. Each unit will vary in need, but most are major due to foundation and roof leaks. Repair of Security gates and Security cameras.
Repair of Fencing around the property. Trees need to be cut back or removed. Replacement of carpet in the common halls. Replacement of Doors in the common areas. Repainting of common hall walls and common areas. Concrete repair in a parking area. Restriping of a parking lot. Signage repair or replacement.
Forest Hills Apartments- Indianapolis, Indiana
Forest Hills Apartments had 45 vacant before the receiver and now has 39 vacant (however regional manager for GLC properties is a current acting manager on this site)—repainting of exterior doors in approx 44 of the 88 entry ways. Landscaping timbers must be replaced to stop erosion around the stair areas—rehab of 11 down units.
Replacement of approximately 32 water heaters. Replacement of approximately 100 HVAC units (including the 68 stolen, as they have been turned in to the insurance company, and we are awaiting the claim information). Securing new ac units. Repair of Balconies approximately 50- (This is minor, in some cases, only a board will need replacing).
Roof Replacement is going to need to be addressed throughout. However, as of right now, there are six. We need to address this. The office needs carpet replacement. We are repainting the office and fitness area and Upgrading the Clubhouse to increase revenue. The large pool has a leak – which will need to be addressed—the addition of Security Lighting. One computer will need to be replaced.
Southgate Apartment Complex-Chicago, Illinois
Southgate Apartments had 84 vacant at take over with receiver and now is well over 100 vacant per site staff 6. Elevators will need to be repaired. Fire Doors will need to be repaired or replaced throughout the community. This is not an. Immediate need, but it will be needed in the future.
2 Roofs needs repaired.6 Windows need to be replaced. Repainting of 6 buildings (interior) and ceramic tile replacement in the laundry areas. Bringing up approximately 20 down units. Replacement of approx 50 refrigerators. Replacement of approx 50 Stoves. Replacement of approx 50 dishwashers.
Repair asphalt and parking bumpers throughout the property. Signage replacement or repair Carpet replacement. Replacement of approx 25 Window AC units. Swimming Pool needs to be repainted and repaired. We hope that this information is helpful to you. Should you need anything further, please let me know.
In Summary, Contribute To GCA Mortgage Group
Writers cannot advertise, promote, or be biased when writing a blog on GCA Mortgage Group. All guest articles must be informational and benefit viewers and the public due to the content. All content will be checked for plagiarism and copyright infringements to protect the original author, all parties, and our viewers.
All content needs to be unique and original and cannot be copyrighted by other media outlets or authors. Need to provide references on the source where the information was derived. Only content that has been fact-checked and is deemed reliable and facts will be published.
If you need to contact us to become a regular associate contributing content writer, please email us a cover letter, resume and prior published content, and media portfolio, if any, to our digital media director Ravinder Sharma at ravinder@gustancho.com. On the subject line, GCA Contributing Editor Content. You can also contribute to GCA Mortgage Group by joining and participating in GCA Mortgage FORUM powered by Gustan Cho Associates.
