Help Save My House

My name is Mike Sims from Austell, GA and I hate this! I hate asking for money for myself. I believe in working hard and providing for myself and not being a burden to others or expecting hand-outs. I'm not one of the "entitled," so this is extremely hard for me. Please believe me, this is an absolutely humiliating last-ditch attempt to try and keep from losing everything I have worked hard for financially. 

Four years ago, after a very difficult and painful personal experience, I decided to take a break from nearly a decade in pastoral ministry and make a career change. Having only an educational background in theology, I sought to return to school for an MBA so that I could pursue a career in business. But since the costs were prohibitive and taking out more student loans only added to my debt load, I had to drop out and work at developing my own business as a professional photographer in order to generate income.

I have been able to scrape by working in a creative profession I love and am passionate about. But making a living as an artist is very difficult and income is unreliable. So in an effort to supplement my income and support my business, I sold my previous home in which I had considerable equity and invested in a property to remodel and flip after spotting what seemed like a great deal.

Since I am self-employed and didn't qualify for a traditional mortgage, a 6-month hard money loan was my only option for obtaining the property. I felt that I could complete the project within that timeframe and sell it at a considerable profit based on the appraised value of the house subject to repairs, as well as the attractiveness of the property which is on over 4 acres just outside of Atlanta.

Soon after beginning the remodel however, I realized that it was going to take a *lot* more money than my contractor had budgeted for, even beyond the additional 15% padding added to cover unanticipated expenses. This forced me to do a lot of the work myself to lower expenses. But by the end of the loan term in August, I was still only 2/3 finished and had to hire out the rest of the labor to satisfy my lender's demand to complete the remodel.

Added to the additional expense of hiring contractors I'm paying $1,421 in interest every month, plus an additional 1% maturity penalty per month which totals over $2,500 monthly just to keep the house which has completely exhausted my savings, my credit, and even part of my retirement fund. I completed the project in November and it has been on the market since then, but the holdidays are a difficult time to sell, and the house has been sitting for several weeks now. After lowering the price to below my break-even point a couple of weeks ago I finally got a contract on it. But the buyer has just backed out of the contract, leaving me in a desperate bind. 

My lender has the option to sell the house out from under me at any moment without going through the normal lengthy foreclosure process. While he's been very patient, I know that patience is limited. I've already sold nearly everything of value I owned to keep from losing all of the money and work I've invested into this property. My family has very limited financial resources, so I'm completely on my own. Work is very slow during the off-season, so I have very little income to keep up with my payments. I also have friends and contractors who have worked on the house and agreed to be paid once it sells. I would greatly appreciate any assistance that will help me keep the house until I can get it sold. I am attempting to raise enough to cover my payments for the next two months until the buying season starts again.

I will use the funds to cover my bills for the next couple of months until the house sells.

I don't believe in just getting something for nothing however, so I'm offering the following for your help:

If you can help me with a donation of $50 or more I will send you a large 20x30" photo print from my Our National Parks collection which can been seen in the photos section on my facebook page.

If you can contribute $100 or more, you will receive a hardbound coffee table photo book later this year in addition to the print of your choice.

And for those who can help with $400 or more, I will do a full family portrait, engagement, or personal portrait session for you, provided that you either live near or can meet me in the Atlanta / Chattanooga area or somewhere in the region. If you're outside of the region and are willing to cover the cost of travel (maybe you have miles you need to use), I will come to wherever you are and do the session with you and / or your loved ones.  You will also receive the Parks print of your choice and the coffee table book. 

Thank you so much for considering helping me! I wouldn't ask if I had any other options.

Michael Sims