As with so many aspects of this Real Estate game, it is less important what YOU believe in (or what your intent is), what matters is the belief (or perception) of the other parties involved...tenant, prospect, buyer, etc.

That in turn created a perception of real estate as "always going up", and going up dramatically.

The sophisticated investor thinks in relative terms about value he didn't capture and what his opportunity costs were.

My property list is about 150 and should be able to push it close to 500 soon)Smaller properties (depends on the market but less than 150+ units) often will have less sophisticated and smaller ownership groups.

The strictly local investors will generally be less sophisticated and be expecting returns more inline with what their market is offering. 

https://www.biggerpockets.com/member-blogs/9232/55313-intro-to-section-8---your-perceptions-vs-my-realities

Sophisticated investors invest on cashflow where the rents exceed the mortgage plus expenses (and enough money to pay for professional property manage to do our dirty work).Sophisticated investors look at the Rent-to-Value Ratio and look for at least 1% or more to be able to cashflow after expenses.

Here’s a link if you want to check it out.https://www.biggerpockets.com/blogs/9232/55313-intro-to-section-8---your-perceptions-vs-my-realities

This is all just perception by the way. 

Eventually, most sophisticated investors don’t bother with their own banking relationships, and just have their broker approach them as well.