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Originally posted by LindaH

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Originally posted by Doris_CO

Those fees are way too low, even for someone starting out. You should sit down and compute your cost for every part of your business. Make a business plan, even if it's very simple, by researching your cost of doing business.

How much will you have to pay for a printer, paper, toner, office supplies like rubber bands and clips, ink pens, insurance, gasoline, car insurance, tires, oil changes, business cards, advertising, maybe a web page, and most importantly, your time. (I'm sure there are other costs that I haven't thought of at this time). You'll spend a total average of 3 hours for each loan closing between accepting the assignment, confirming with the borrower, printing the documents, driving to the borrowers location, about an hour for the borrower(s) to sign the docs, reviewing the docs and dropping them off at the shipping location.

You need to plan on making a profit above all your expenses and those fees you mentioned won't give you a profit. As a matter of fact, you'll end up in the hole and out of business very quickly.

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Only three others I can think of off the top of my head that IMO are major considerations:

1. Cell phone;
2. Computer/Laptop/air card charges, if applicable; and
3. MOST IMPORTANT IMHO: TAXES!!! 25-30% of the amount
left after deducting expenses from the agreed fee. I think this
is the single most overlooked expense.

JMO

Linda
http://www.columbiacountynotary.webs.com

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quote:

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Originally posted by Doris_CO

Those fees are way too low, even for someone starting out. You should sit down and compute your cost for every part of your business. Make a business plan, even if it's very simple, by researching your cost of doing business.

How much will you have to pay for a printer, paper, toner, office supplies like rubber bands and clips, ink pens, insurance, gasoline, car insurance, tires, oil changes, business cards, advertising, maybe a web page, and most importantly, your time. (I'm sure there are other costs that I haven't thought of at this time). You'll spend a total average of 3 hours for each loan closing between accepting the assignment, confirming with the borrower, printing the documents, driving to the borrowers location, about an hour for the borrower(s) to sign the docs, reviewing the docs and dropping them off at the shipping location.

You need to plan on making a profit above all your expenses and those fees you mentioned won't give you a profit. As a matter of fact, you'll end up in the hole and out of business very quickly.

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