The data they pull from the tax records on how much a home last sold for, often not updated, or completely wrong.

They see foreigners as one-off buyers so they're not too much concerned about building a relationship or their reputation in the eyes of somebody who doesn't live there for that matter.

I am here to learn as much as I can as well as network with experienced investors.

Thank you very much for clarification!

@Jake Baker thank you very much!

I imagine the argument would be, well if PadSplit disappears we need to base it off this less, more conservative number...

Ask how many units they manage and how much experience they have.

This is more or less like BRRR where I can refinance after renting them out for as much as the cost to build.

They just bought it last year, so not much equity, still $760K on the mortgage. 

Well, maybe he took too much out for himself.