Free and clear Investment properties

[Mary Culbertson]

Hi Everyone - I just joined this site on Saturday, and have been reading as much as I can on real estate. For about a year I have been marketing to noteholders who may be interested in selling their mortgages that they hold, also sending newletters to professionals who may have client's interested in selling any type of note they may hold. Anyway, not much success in this area, but I am still pursuing that area, but now I am also trying to broaden my horizon with real estate investing, but starting out small with wholesaling. The reason why I am giving all of this info is because I just received a phone call on my VM from a gentleman who represents some people who are working on an REO deal and they need some money fast, around $20,000 to $25,000. They own two properties, free and clear, that they rent out, the one property is worth around $47,000 and the other is worth around $34,000, which they are willing to use as collaterol. However, they only want the money for about 1 month and then they will turn around and pay it off.

Obviously, this is way out of my league right now. I told the gentleman that I would have to get back with him, that it is not something that I would handle. Is this something that is done quickly? Any advice on how I could handle this?

Mary