Posted by Nicole_NCali on 1/25/05 2:56pm
Msg #18064

Get Rich Quick-Loan Signing is not the ticket..Snake Oil :-)

For all of the new posters out there, the loan signing business is not a get rich quick phenom. I have been posting to this board for about 2.5 months and reading it for over 6 mos before I took the plunge and took my notarial skills and applied it to make extra income. With the 120 signings that I have done so far, I just broke even on my out of pocket upfront expenses. Trust me, my minimum overnight fee is $75-100.


It takes months, if not years to build relationships with SS and title companies. Your checks are going to come but not like a payroll check, every two weeks. Even when you get your check, the cost of gas, internet service, advertisement, cell phone usage, depreciation of your computer,paper, etc..will keep you in the red for months to come.

So, if you were sold with the idea that you were going to make thousands a month by just being a SA, then I have some snake oil and a unknown expanse of a bridge in NY, NY that you can invest in too.

Reply by Stephanie/CA on 1/25/05 3:07pm
Msg #18068

Nicole:
As with any new business, it takes more than a few months or 120 signings to turn a profit.
Hang in there and you will see the rewards.
Naturally, any new biz will have to figure in start-up costs off of any income at the start.
I think once you see the profits roll in you may feel differently.
This is not a Get Rich Quick industry.
It takes alot of hard work and long hours.

Reply by Nicole_NCali on 1/25/05 3:53pm
Msg #18086

I totally agree with you Stephanie, I calculated that signing #150 will be when I will see actual profit from this. Yet, unlike others, I am patient that it will all come together in the end.

Reply by Alabama on 1/25/05 4:13pm
Msg #18089

Just like any business you have to work hard and you get out of it what you put in it. You can get Rich by working hard, Get Rich Quick.....that's always a joke. If you think your going to get rich quick it's probably too good to be true. Take the business while you can.

Reply by Paul-CA on 1/25/05 5:04pm
Msg #18096

No Get Rich Quick Expectations, but ...

Given the long hours of hard work, and given that one is capable of doing the work with a better than adequate degree of accuracy and efficiency, and given that the particular area this person is in is not already saturated with other SAs capable of doing an acceptable job, ... and, assuming they have, while waiting on their notary commission, picked up one or two SA certificates (let's say from 123Notary and the NNA) and gone on a few "ride alongs" with established agents ...

Now, how soon from the day this person gets his/her notary commission would it be reasonable to expect that I (oops, I mean he/she) can attain an average $2500/month GROSS income?

Reply by Nicole_NCali on 1/25/05 5:22pm
Msg #18100

Re: No Get Rich Quick Expectations, but ...

In business, most companies are not in the black until about 5 years. This is the average time that a business will either succeed or fail. The major issue is undercapitalization (start up funds) and not properly following a business plan.

I love working for myself and I do this part-time, but if I was to devote full-time measures to this, I would not expect to really profit until about 2 years. Also keep in mind those pesky self employment taxes for both state and federal that should be paid quarterly.

Reply by Lopez0351 on 1/25/05 6:18pm
Msg #18105

Re: No Get Rich Quick Expectations, but ...

Hey Nicole, I'm really interested in investing in that bridge, and I'd like to order a case and a half of that snake oil of yours. Plus, if you know where to obtain the deed to alcatraz I'd like to start my own country. I can see it now $$$

But in actuality I'm a new SA and have ad access to lots of the equipment necessary. I've only done 2 loans, yet I'm really excited. Not in here to get rich, but to help supplement my income. I believe this is a great way to do that. Best of luck to you, and all you great SA's out there.

Reply by Melody on 1/25/05 11:15pm
Msg #18147

Great post, Nicole. n/m

Reply by Anonymous on 1/28/05 11:31am
Msg #18555

NICOLE WE TOOK THEM TO SMALL CLAIMS COURT AND ONE A JUDGEMENT. THEY ARE BAD BAD NEWS. WE POSTED THIS A LONG TIME AGO ON GOMOBILENOTARY. STAY AWAY THEY DONT HAVE SUCH A TURNOVER RATE WITH EMPLOYEES AND A BUNCH OF OTHER THINGS WE CANT DISCUSS. STAY AWAY STAY FAR AWAY