Multiple homes at 5 % with PMI vs one home at 25% Down?

[Sean Marron]

I follow numerous financial independence blogs. One of them talked about generating 100k a year in income through the landlord real estate route. The post showed that investing with 25% and leveraging was quicker to 100k in income than saving and paying in cash for each house.

So my question is, what if you pay 5% down on multiple houses instead of doing 25% down on one? Has anyone ever done the math to see if you could get there quicker by simply paying 5% down (doing a refi down the line) on multiple homes vs 25% down on one? If it hasn't been done yet, I plan to make a mock up, but figured I'd ask to save myself the headache.  Theoretically, I would imagine that the ability to purcahse more than one home at 5% down could stack up enough to have you coming ahead vs 25% down on one house.

Thoughts?

I curently have enough for 25% down on a 120-150k home. I will have enough by the end of the year to afford two of these. I'm currently overseas, and plan on making a purcahse the next time I come back to the states (at the end of the year). So this is just food for thought so I can make a wise decision.