I wouldn't work for rates "competitive" with those at eLance or Rent-A-Coder. I've done projects through those sites, and despite explicitly stating, "Don't bother with lowball offers--we're looking for good work, not low prices. We are developers, and we will be judging your experience and code harshly." I still got bids of 150 bucks for a project that I would have billed a weeks worth of hours for. They, of course, would do a horrible job, and not even worth that much...but you shouldn't try to compete on price with those folks.