Posted by TamaraCA on 4/13/13 12:45pm
Msg #465540

When to take the leap away from my full time job...

I would love some advice from those of you who have taken a leap of faith and quit their full time day jobs to become full time NSA's. I work full time as a corporate event coordinator/catering getting paid a rediculous hourly wage and am not happy doing it any longer.

I am keeping track of the notary calls I am having to turn down due to being unavailable Monday through Friday during the day. But, I am not receiving enough calls just yet to help me make up that lost income. I am in the process of signing up with some of the bigger companies like SL and I have an 'in' with a large title company in my town. I am marketing to the lists of companies provided here on NR. Even my marketing time is limited due to my employment situation. I would love to do this full time. I enjoy it so much and I would like to make a better income than I am making now.

Reply by Notarysigner on 4/13/13 12:59pm
Msg #465541

BETTER YET! I just finished my taxes. I grossed $23,479.00 last year and I've been a NSA for six years. If you made more then this on your Job, keep it.

I've heard of NSA making six figures but I don't know anyone who has.

JMO Good luck with your decision.

Reply by Notarysigner on 4/13/13 2:25pm
Msg #465550

Just re-read my post and I should add that is not

my only source of income. I have a pension, SS Plus the boss of my house is a full-time middle school teacher. LOL

Reply by HSH/WA on 4/13/13 1:02pm
Msg #465542

Re: NSA is a very up/down business. I'd hate to

rely on it for steady income.

Reply by JanetK_CA on 4/13/13 1:09pm
Msg #465545

Very true.

It's not only up and down from week to week and month to month, but it's also very cyclical from year to year. I think it's critical to look at long term trends. The volume you can expect to generate does depend greatly on your marketing efforts, but in a downward market, but best marketing efforts by someone new may not be enough to make it full time in this business. And as interest rates go up, volume goes down - and the long term trends appear to be in favor of an interest rate increase, as the economy eventually improves. Some people are already seeing things slow down.

I recommend being very, very careful about quitting your full time job. The activity of the last several months may not be at all indicative of what to expect in the next several months and beyond.

Reply by JanetK_CA on 4/13/13 2:29pm
Msg #465551

Check next thread up - just what I'm talking about n/m

Reply by Linda_H/FL on 4/13/13 1:25pm
Msg #465548

Something else to keep in mind...

does your current employment provide you with benefits? That's something you'll give up as an IC, unless you pay privately, which is hugely expensive. Also the employer's contribution toward social security. Possibly Workers' comp benefits too.

You'll also be giving up that guaranteed weekly income - you say you're getting paid a "ridiculous hourly wage" - not sure if ridiculous is ridiculously high or ridiculously low. If high, that really does make one pause and think it through.

Also, is your income the only household income that you have to support yourself? If so, and you're going to quit your job and rely on a very fickle career, that could be a risk you're not in a position to take.

A lot of this only you can answer. Me personally, unless I have another means of support (which I did - my husband's pension and my social security) I would not even consider leaving the 9-5 til I know I have a solid business with solid client base in place. Perhaps a change of employer is the way for you to go right now.

Whatever you decide..good luck.

Reply by John E. Rogers on 4/13/13 3:21pm
Msg #465558

Others have made valid points about getting into this business (as a NSA) on a full-time basis, especially if you leave a full-time job with a steady paycheck and possibly, benefits. THINK CAREFULLY. Here are a few additional points for consideration:
1. All of those calls you said you were getting...what fees are the SS's offering and for what kind of work (e.g.: refi's, Debt Settlements, modifications, structured settlements et al)?
2. Travel distance...fuel is expensive as you know.
3. Materials, supplies, utilities, and your time is costly and continues to rise.
4. SS's (signing services) are working hard to offer lower and lower fees for more work and larger packages, including faxbacks which are time-consuming and often you don't know about faxbacks until you agree to do the assignment.
5. A number of SS's agree to a fee then take several months to pay or even send less than the agreed upon fee...your options here are limited in recouping shortages (and you spend a lot of time on the phone and online and usually get a run-a-round).
6. Cancellations: you may turn down several other assignments because you are already scheduled, then at the last minute, the original assignment is cancelled...you are out of luck!
7. There are many other quirky things about the business e.g., docs arrive late which causes you to do the signing later than planned and may run into conflict with a follow-up assignment; doc errors or shortages that may cause you to print four sets of 100+ page docs instead of two...paper and ink are costly. Most companies will reimburse you but you may need to wait for a month or two to recoup the loss. et al!
8. Have you considered tech equipment? Speedy, dependable equipment is expensive to purchase, operate, maintain, and repair.
My aologies for the negativity, but just being honest. There are benefits: you plan, schedule your own time...sort of..., most borrowers are really delightful and appreciative of your efforts; some title companies and SS's are really great,but then NSA's know that and those companies have access to hundreds of NSA's who are most willing to work for them.

You can also set standards to share with agencies so they know to not call you unless they meet your fees and other conditions. How are your tech skills? Most companies have their own access and security controls and those are all different. When you get a call at the last minute only to find out that it takes an hour to get a password and login id from a tech support person...then it does not work, so you keep trying which delays getting docs downloaded and printed and meeting with the borrowers.

Well, enough already. As with any business, there are ins and outs to learn, and you will never earn enough to really pay for the time spent and associated costs, but it does help to earn extra $$$ as long as you have other dependable standby resources.

Finally, check the NR signing central for other NSA experiences with companies. My suggestion would be to avoid any company with less than a 3-star rating, and then be cautious of even a 3-star rated company.

I have been in the business for some five years, completed hundreds of signings of different types, and have worked for numerous SS's, title cos. and lenders. Companies are interested in NSA's who can effectively (and quietly) resolve problems, so "don't be too harsh" in your comments when stepped upon...word gets around. Good luck. jer/oh

Reply by TamaraCA on 4/13/13 3:45pm
Msg #465560

Thanks everyone for all your great comments! I will take

them to heart. In reference to my 'rediculous wage'... I meant that what I am paid per hour compared to how complex and stressful my day job is it does not pay nearly enough. But, in this ecomonomy I am happy to have very steady employment. The NSA money is great to have as extra income while I go to school.

Reply by Linda_H/FL on 4/13/13 4:24pm
Msg #465564

That's what I thought you meant about your wages

Tamara..just wasn't sure.

And you brought up another VERY good point - "in this ecomony"...first off, do you have enough in savings to support yourself and to use as a cushion until your full-time business is up and flying high. Also, consider what may happen if you do cut the cord and decide to go full time NSA and it doesn't work - is the economy in your area good enough that you will be able to find another full time, good paying job in the blink of an eye - or will you be like me where, in my area, there are 20 people for every vacancy and it's next to impossible to get a decent paying job.

Again..good luck in whatever decision you make.

Reply by ToniK on 4/13/13 4:53pm
Msg #465570

I'm a full time NSA BUT

Things have been extremely slow for me the last couple of months. For example from Aug-Dec I was pulling in $6-7k a month but feb this year ONLY $2500 and March was $4000. Don't know how the rest of the months will be BUT I'm getting back into govt background investigations (already picked up 3 companies and 2 different contracts) and even considering working FT at a Title company. So don't quit your day job.

Reply by Clem/CA on 4/13/13 4:57pm
Msg #465571

See the next Thread up

Reply by anotaryinva on 4/13/13 5:19pm
Msg #465576

John's post should be added

To the post that's 333-something, the one that everyone used to point out to those starting out. Good points!

Reply by NVLSlady/VA on 4/13/13 11:03pm
Msg #465604

Re: John's post should be added

#5 is particularly true in most cases. WAITING for pymt is really hard on finances, not to mention credit.
That's one reason why I could not do real estate sales; it's takes SO MUCH $$$ to get a buyer/seller to closing and then the broker keeps the prime cut. Not for me. Too much work and then bills get delayed.

I appreciate James' honesty here about his net and the other income sources. It just makes sense to have reliable, steady income. And it's easier to concentrate on building a successful business when you're not always thinking about the next gig or stressed about whether I can afford to negotiate $5-10 to get or lose a job. Let's face it: Life's finances and demands are not waiting for our marketing efforts to bear fruit.

Don't put all your apples in one basket.