High Paying $10,000 Per Month Real Estate Extra Income that Most People Don't Know About
Updated: Nov 8, 2020
This six figure income is pretty lucrative with so little effort. And it's not a real estate agent nor broker nor investor. And yes, people really do make that much!
Although commercial real estate has taken a beating this year, the residential market has sky rocketed due to people working from home.
Plus, people are leaving the cities to escape the chaos and purchasing homes in suburban areas.
This has created a boom in the residential market that the industry can't keep up with the business.
Even less populated areas that most people wouldn't live in are getting an influx of people.
This means, there's money to be made.
There's always money to be made in real estate: the seller, the buyer's agent, the seller's agent, the loan officer, the bank, the escrow offices, the paint store where you bought that slightly off-off eggshell white paint color.
Even your neighbor's 11 year-old son who mows your lawn wants a slice of that pie.
A lot of people make money off of one property!
But there's one particular very important person(s) who has a slice of this pie that most people don't really know exists.
However, this person is pretty integral to the transaction.
In fact, a transaction cannot happen without them.
And they get paid pretty well for it.
This person's part in the transaction is so minimal. They are there one moment and gone the next.
Like a superhero.
Because they're just humans.
Who make good money.
For literally not much effort.
Did I overly mention the not much effort part? Because it's really not much effort as compared to the other people in the pie.
Who are these humans of whose jobs we should covet?
They're called Notary Public Loan Signing Agents.
The Nota what-a-what?
What is a Notary Public Loan Signing Agent?
A notary public loan signing agent is a notary public, except they're mobile and they walk a borrower through a set of loan documents when purchasing or refinancing a home.
The difference between a regular notary public and a notary public loan signing agent is that the the notary public is only there to check that you did sign the document and your identity--that you are who you say you are.
The mouthful of a title (and also too long to type) on the other hand makes sure that the borrower (the one purchasing or refinancing the house) has filled out the mortgage paperwork properly.
They're not there to explain what the document means, although the notary public loan signing agent should read the document.
It's the attorney's job to explain the legal mumbo jumbo.
So don't even attempt it.
Since an NPLSA (yes, I abbreviated it) is a freelance worker, they are paid per loan signing job completed which typically pays $75 to $200 per loan signing appointment.
And with the right training and getting acclimated, it takes about an hour to walk through the documents from start to finish.
There are NPLSAs that do several signings in one day and some who strategically plan out their schedule make $800/day.
If doing this full time, it's not unusual to see NPLSAs making 6 figures a year.
In fact it's totally feasible for a loan signing agent to do 15 signings a week per week, working forty to forty-five hours which includes appointing and drive time.
How to Get Notary Signing Agent Jobs
There are two ways to get notary signing agent assignments: direct and through a signing service
A loan signing service has a roster of notaries. They receive the assignments from places like escrow companies needing their services.
Because a signing service is a business, they take a cut out of your fee. Which means you'll end up getting paid $75 to $125 for a signing job instead of $150 to $200.
Why would people use these services if they're taking a cut?
To establish yourself and put your name and experience out there, and also for extra income in between your direct assignments.
A direct assignment is getting a job directly from an escrow company or from an attorney.
An escrow company are the ones that hold money and documents between parties (between the seller and the buyer) and they facilitate the home buying and selling process.
It's best to actually call and network with escrow companies and attorneys because even one client alone can be your recurring business for life if you do a great job for them.
I know you're reading this thinking, "Show me the money, how do you come up with $10,000 a month? Cause I don't think you know how to calculate."
That hurts. That hurts real good.
But you're right, calculating isn't one of my skills.
But I do know one who can do it well.
Considering that a usual signing job is between $150 to $200, to make it easier, let's use a scenario of $100 per file using a service.
If you complete 15 assignments in one week, that's $1500 per week at $100 per assignment.
Which equates to $6,000 a month.
But if you had direct assignments which would add about $50 per file you'd be making $9,000 a month.
That yields $108,000 a year of income.
Yeah, okay, you're short by $1,000. Clearly you and your calculator don't know how to calculate!
Wow, no cookies for you.
And I'm withholding the milk.
Since $9,000 a month isn't so great for you, would you settle for more even if my calculations were off?
Like the example of this man in Washington DC who made $13,500 in one month:
Okay, now that $13,500 in one month got your attention, here's where you can find notary signing agencies:
Another useful way to finding these jobs is by typing this on Google search "notary signing agent jobs".
As for the direct, type this on Google, "escrow companies" which should yield results near you.
What are the Requirements?
Becoming a Notary Signing Agent starts by obtaining training, background check and getting certified
Aside from the supplies, according to the National Notary Association, becoming a Signing Agent will cost a Notary between $140 to $200 depending on the vendor which includes background screening, certification, and a possible training course.
The vendor in my state charges $155 for the whole thing which includes:
Official notary stamp
Basic Journal with Privacy Guard
4 Year Hotline Subscription
$25,000 1 Year E-O Insurance
Notary Quick Start Training
The National Notary Association has a list of vendors in your state, so just click on this link here. And then click on "Become a Notary" on the top left.
There are also really useful free training videos provided by the National Notary Association on Youtube, click here for their free training.
Errors & Omissions insurance
Computer / Laptop
Dual Tray Printer
Letter and Legal-Size Paper and Printer Toner
Marketing materials, business cards and website
Since this is technically your business, your supplies are tax deducted. Make sure to talk to your accountant about tax deductions.
This is a huge plus for having a business as opposed to working for someone else. You actually pay a lot more tax as an employee than as a business owner.
So track your expenses.
And track your mileage.
Companies require you to have a notary errors and omissions insurance with a minimum policy amount of $25,000. This would typically cost $20 to $40 a year.
But there are companies that expect for Signing Agents to carry a much larger policy like the $100,000 coverage. This would cost $100 to $175 per year.
It's also best practice to actually form an LLC (limited liability company).
I'll be providing more information about this in another article, be sure to stay tuned and subscribe here because it's important to know how your LLC is going to be taxed so you can keep even more of your hard-earned money instead of it going to Uncle Sam.
It seems like he's everybody's uncle.
Except not the fun kind.
Because we have yet to receive any birthday gifts from him.
But before you go off and make that ten grand a month, always know what some drawbacks are.
Because it's best to be prepared and not bite you in the butt when you least expect it.
Because being bitten in the butt when you're expecting it apparently is much better.
So they say.
I don't know who they are, but they are out there.
Pay attention to details. The most important things are often overlooked in the search for things greater than the obvious
It is important to note that if you don't do your checks and double checks and follow instructions to the tee, you'll lose out on more clients.
These are very important documents and if you're not on top of what you're doing, it will affect your business.
Always read up on the common mistakes and avoid them like the plague like this article here:
Since I'm an advocate for as much free learning as possible, I'm more prone to advise you to learn from the free videos that the National Notary Association has put up on Youtube than the ones charging people to take their courses.
But it's your call.
Let us know if you do decide to become a Notary Signing Agent, and we'd love to highlight you on this site, including your business. So why not advertise with us for free!
Bonus, I say!
Speaking of bonuses, contact Hud.gov and ask how you can be on their list as a HUD notary signing agent.
Bonus #2, cause we're generous like that: even though the commercial real estate industry is down right now, it's not forever. But they do need signing agents for commercial real estates as well. You can read up on it here and here.
We have more free information to come, so don't forget to subscribe here so you never miss out on things that make you go hmm...