DEAR BOB: How does one get started as a mortgage broker? What training is necessary? Jerry C., Reston.
DEAR JERRY: In most states, you'll need a real estate broker's license to operate a mortgage loan brokerage. You can start as a salesman, however, working for a mortgage broker to get experience. Some states now require a pecial mortgage loan broker's licenses. To find out full license details for the state that interests you, write to the real estate commissioner at the state capital.
DEAR BOB: I own some land that is subject to ground rent. It has never been raised, but many collection agent has raised his fee. How do I go about raising the ground rent? Frank W., Bowie.
DEAR FRANK: Most ground rent leases specify the lease term, such as 50 years. Some leases provide for cost-of-living increases, others don't.
Read your lease. Some old ground rent leases didn't provide for any rent increases. They were written in the days when inflation was only 1 or 2 percent a year. If your lease permits raising the rent, you do so by notifying your tenant in writing of the increase. An attorney in the state where your land is located can further advise you.
DEAR BOB: Your readers might like to know how we made a small "profit" when we paid off the second mortgage on our home last month. We owed about $14,000 on it. As I had received a $10,000 suggestion plan bonus from my job, I went to the mortgage holder and offered him $10,000 if would cancel our second mortgage. He said he could use the money and was only too happy to give us a $4,000 discount for early payment. Evan R., Annadale.
DEAR EVAN: Thank you for reminding us to ask for a discount when prepaying a loan before it is due. Your strategy of offering a specific amount, instead of saying "Will you take $10,000?" was outstanding.
The 13-chapter Bruss Report "Realty Tax Tips" is available for $1 sent to Robert J. Bruss, P.O. Box 6710, San Francisco, Calif. 94101.