Is hard money lending a good way to finance a rental ?

[David Garzon]

Hello BP community, I need some advice on how to finance my first deal. I have a general location in my city that I want to invest in. The properties in this area are great investments since they are not in the best side of town, yet there is a high demand for renting (it’s right next to a university). Just so you guys get a better picture, the houses are selling for around 120k for a 3BD 2 BR and each room can rent out for around $700. I am eager to get my hands on one of these deals, but it is very hard for me to get a loan from a bank. So my question: is using a hard money lender a good way to finance a good rental property deal ? I am aware of their high interest rates and their short terms, but I was thinking I could refinance with a bank after 6 months? Would love to hear some ideas/advice. Thank you for your time.