Refinancing and hard money ideal

[Roc P.]

Hello everyone I have a question about buying rental properties with no money down (use other people's money), I was wondering if any other members could tell me if the following scenario is feasible or a bad ideal:

My example being if I can purchase a house for 100,000 and other comps in the area are going for 130,000. The bank I like to use is doing 20/80 loans, plus I would probably have to put up the closing costs. I would like to go to a hard money lender and get the 20,000 needed plus closing and rehab money if possible. My ideal is to refinance the deal right away, and use that money to pay back the hard money lender.

Is this a good strategy or am I going to burn myself? Thanks