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Posted by LisaKT/CA on 1/8/19 1:46pm
I agree that it's not a good time to get into the loan signing business and the way in which I'd answer the question of making money in this industry is to present the facts:
Costs of becoming a CA Notary
6 hour course $$
Application fee to State $$
Bond $$$
E & O $$$
File bond & take oath at county office $$$
Livescan $$
Passport photos $
Journal & thumbprinter $$
Stamp $$
Bag or briefcase $$
Laser printer $$$
Additional toner $$$
Paper $$
Pens $$
Misc. $$
Loan signing course (if needed) $$
Marketing
Business cards $$
Directories $$
Website $$
Networking $$
Misc. $$
Taxes $$
Like any sole proprietor business, it takes time to learn the craft well, gain experience, gauge the competition in their area, and build trust to develop a steady clientele. That alone takes a good 2 - 5 years. Your friend needs to be a well versed Notary before even considering loan signings. You said he/she was laid off....they need money coming IN, not going OUT. Therefore, hand/email your friend the very real costs in writing. I'm certain you'll hear, "Nevermind!!"
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