Taken on Trust - Super landlord Mike Stimpson offers some down to earth tips from the top for property investors
10th May 2007
Landlords' deposits - don't talk to Mike Stimpson about them as he's had them up to here, writes Christopher Browne.
Mike Stimpson, 70
Property Investor Extraordinaire
As chairman of the National Federation of Residential Landlords he has been lobbying ministers, civil servants and housing bodies about changes in the deposit laws for years and he's none too happy with the results either.
But then Mike Stimpson, at 70, is an original.
He bought his first house at the age of 17, owns 200 buy-to-lets and commercial units - with another 100 still being built or refurbished - and he has never taken a deposit in his life.
"It's all down to trust. A 20-minute interview with your tenants will tell you everything you need to know about them and there's absolutely no need to obtain references or deposits from them," says the former head of risk management at the Royal Mail.
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