Who knew notaries could make so much money?

GM. This is Work "After" Work, the newsletter serving up side hustles better than Portillo’s chocolate cake shakes.

“#6, come get your fix”

Happy Friday Eve! Here’s the docket for today:

• 🔏 Mobile Notaries

• 😂 Meme of the day

Have you always wanted to start investing in real estate, but don't have $100k lying around? Don’t worry you’re not alone…

I recently came across this company called “Arrived” -  they allow you to invest in real estate for a fraction of the cost. (Think $100 and you can own real estate!)

• They do all the work on finding profitable properties 

• They deal with all the maintenance, upkeep, cleaning, etc.

• They take care of all the legal jargon

All you have to do is buy shares of a home… kind of like a stock. And every quarter they’ll pay you on your investment!

It’s a great way to get exposure to real estate without having to put a lot of money down.  

Even if you’re not ready right now at least subscribe to their emails that way you can see potential deals that become available! (It’s completely free)

MOBILE NOTARIES

Today, I’ve got a side hustle that:

• Can make you $100 - $1,000 a month

• Only costs around $100 to start

• Requires little training

• And is perfect as a part-time gig

How’s that for a hook?

I’m talking about mobile notaries.

These are the people that must be present when signing important documents like:

• Wills

• Powers of attorney

• Pension forms

• Healthcare directives

• You name it

They confirm your identity, make sure you’re aware of what you’re signing, and ensure you’re not being pressured to sign on the dotted line.

I’ll hit you with two stories real quick.

Patty Jansen, a retired nurse handles about 50 assignments each month, earning $4,000-$6,000 monthly to supplement her retirement income.

Another, Kellie Carroll, a retired fitness instructor makes $12-$18k a year from ~320 signings. That’s $37-$56 a signing.

I tell you this because even if this doesn’t fit your current schedule. Keep it in your back pocket as you head into retirement.

That doesn’t mean it’s only for retired folk though… Heather Wilson, a now ex-banker found out the notary she was working with to do a refinance for one of her clients was making $50-60k a year doing this part-time.

Heather then became a notary on the side, studied hard, and soon was earning $20k a month!

Long story short, she quit her banking job to do this full-time.

Now there’s one important distinction to note here.

A mobile notary is not the same as a notary signing agent.

Mobile Notaries see all types of documents and usually make around $25 per notarization. Signing agents, on the other hand only deal with home loans, which pay $100 to hundreds of dollars per signing.

So how does all this work and how can you get started?

If you meet these requirements:

• 18 or older

• Legal resident in the state you become a notary

• Not a felon

Then you’re good to go.

Now follow these steps to make money as a notary:

1. Submit your application

In most states, everything goes through the Secretary of State's office. This is who you’ll submit your application to.

Since the steps for how to become a notary vary from state to state, use this website, input your state and it will give you the exact steps you need to take!

In Illinois where I live these are the steps and this is what the application looks like - it costs $15 to file.

Along with this application, you’ll need a ‘surety bond’.

Simply put, if you mess up and there's an injured party involved, it’s on the bond issuer to cover the costs, not the state. This is why the state makes you buy a bond.

To see how much value of surety bond you need click here and you’ll see the breakdown per state. In Illinois, it’s $5,000 for the 4-year term and costs $30. *the value of the surety bond is not what you pay. It’s like insurance, you don’t have to pay your coverage amount, just the premium, and this is only a one-time payment.*

Once you have the bond and have a notary seal your application, you’ll typically wait 5-8 weeks to get your Notary commission - a fancy way of saying your ‘notary license’ that usually lasts 4 years.

If you’re only looking to become a mobile notary, this is it (besides buying a stamp that costs around $40).

If you’re looking to become a Notary Signing Agent (the ones who deal with home loans) there’s an exam and a background check you must pass.

If it were me, I’d probably go all the way and become a signing agent because who knows, you might be good at this work and make wayyy more than you could as a mobile notary. It’s more effort but also more money potential. 🔑

Okay, I hope that wasn’t too boring. Now on to the fun stuff!

2. How to get signings and make money

You’ll first want to sign up with the major Signing Agent databases that signing services use to offer assignments to Notaries.

These include:

• SigningAgent

• SnapDocs

• NotaryRotary

• NotaryCafe

• SigningOrder

Next, sign up directly with as many signing service companies as you can.

While there are only a handful of major Signing Agent databases, there are literally hundreds of signing service companies across the country.

Finding them is as easy as doing an internet search for “signing services in [your state].”

To clear up any confusion about how all this works. I made you a picture:

Signing Agents are hired by location and availability. Signing services not only use the major databases listed above to find signing agents, but they also use their own database. This is why it’s so important for you to sign up with as many of them as possible.

The Notaries that are closest to the borrower's location first get notified that a signing job is available. If no one accepts the signing they will move farther away from the location until a Notary accepts the assignment.

Usually, the veteran notaries get the best signings (closer to their location and higher paying) but as Mark states in his blog, the more experience you get proving you know your stuff and don’t make mistakes, the more money you’ll begin to make.

Pro Tip from your boy 😎
From what I’ve read, this is somewhat competitive so I’d call your local signing services companies before going through all this and ask if they need help.

If there’s a lot of demand, then go for it! If not, then your area isn’t the best for this side hustle and there’s not much you can do.

And that’s it! Let me know if you have any questions and happy hustling! 😊

MEME OF THE DAY

😂😂 life hack

KEEP MORE MONEY IN YOUR POCKET

• 75% of people are in debt. Don’t be a part of this stat. Pay off your debt fast with my personal Debt Paydown Tracker (that helped me pay off $30k in debt)

• Stop living paycheck to paycheck. Save more money with my personal Budgeting Template (it’s saved me over $100k)

That's a wrap ladies & gents! Enjoy your weekend :)

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.