Can I ask a dumb financing question?

[Ryan Baker]

I listen to the BP podcasts all the time, and I hear about people buying 10,20,ect properties in their first year. How do you finance a property for long term investing? I am closing on my first rental this week, and I put 20% down and obtained a traditional loan from a bank. Even if you were to finance using a commercial loan or private lender you'd have to put at least 20% down (correct?). Is everyone just saving up a ton of cash to do this? Do the people on the podcast (especially those with <20 units) just have a lot more cash than I do? Or is here something I'm completely missing?