Refinance in this economic climate?

[Phil Salazar]

I am looking to do a BRRRR and wanted to get some feedback from local active investors. Are banks lending currently on investment properties in MD?

In February of this year, right before the Pandemic hit, I just bought a Duplex in the same neighborhood of the target property, using my VA Loan. Currently, I am living in one unit and renting the other and my overhead is $400 per month. The target property needs lots of work but seems like it could work.... Here are the numbers. 2800 sq ft 3 unit house. 6 bedrooms 5 bathrooms. ARV of property: $340,000 - $360,000 Needs about $150,000 in repairs and upgrades. Purchase price: $140,000. My goal is to fix up, rent it out get reappraised then pay back private lenders (family members) and roll it in to a conventional loan. My question is, how is this strategy possible in light of the Pandemic and economic climate at this point? Any input/ real life experience would be gratefully appreciated.