Just stating out and wondering if you can retrieve more than 1 FHA Loan? if not what other types of loans or options does a young starting investor have in order to start doing deals?
As far as I know, you are only allowed one FHA loan in your name at any one point in time. However, a way to get around this, is to finance a deal using an FHA loan, and then later refinance that deal so that your loan is no longer FHA backed, at which point you could then obtain another FHA loan to pursue a different property.
Another type of loan you might want to check out is a 203k loan, which is a subset of a traditional FHA loan. It works essentially the same, except it allows you to roll the rehab costs of your flip/rental investment into the purchase price, thereby eliminating the need to find that cash elsewhere. The contractor for your work must be FHA approved, although I believe if the rehab cost is less than $15k, you can do the work yourself.
Hard money is a resource you can look at, although the financial consequences of mis-analyzing a deal while using hard money can be disastrous because of the high interest rates and points.
If you haven't already, check out The Book On Investing in Real Estate with No (and low) Money Down...you can buy it here on the site.
Best of luck!
Some banks have a 5% down, 30-year fixed product they offer. If you've used your FHA and are allowed to move out to owner-occupy another property, that might work for you. Wells Fargo was one bank with such a loan, but I don't recall if it can be used for multi-family purchases. If not, you can always buy a home and bring in roommates for the year to offset the cost.
Bryan O., Note Capital | http://www.notecapital.us
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