Hard money and cash out refinance

[Amit Barman]

Not sure if this is the right forum to post this, I came up with this plan, which, I am sure, many of you have used already, so can not claim it as creative, but like to get your opinion on pros and cons of this concept.

I was looking at hardmoney loans, so if I borrow 100K at 10%, I pay $1000 a month, $6000 for 6 months, so If I can buy, and fix a property say in 150K neighborhood for 100k, put it out for rent, refinance at it's comp of 150K, so, at 75% of 150k, for $112,500,(after closing may be around 105K), pay off the hard money, so pretty much at a price of the closing cost, I can get an investment property.

Please let me know if you see anything wrong in this process. Or if you have a better suggestion.

Thanks