Hard Money Lenders - Worth it?

[William Kilburn]

I've just started learning about hard money lenders. I can see the draw, especially since it isn't so much based on your individual credit as it is on the property. My question is to the ones who have used this financing strategy.  Is it worth it? How do you make any positive cash flow if the interest rate is so high? What is a realistic goal in being able to purchase a property with hard money, do the rehab work, and get it cash flowing enough to refinance the loan to get a better interest rate? I know that's a ton of questions. I appreciate y'all's help.