At the right time, it makes more sense to buy 5 properties with 20% down on each than to pay 100% cash for one property, assuming that you can deal with the risk and carrying costs.
Many people have a pile of equity, and sleep soundly every night. They could have made 500% more.
You can reap rewards OR double your losses, depending on your timing.
Past history has shown that the magic of leverage in real estate is no secret. There is no guarantee that will continue, although most people seem to think that it’s a sure thing, but it isn’t.