When should Letter of Intent be signed?

[Kedrick Thornton]

I have a verbal commitment from a potential investor and would like to get this commitment in writing as soon as possible. I have not found the investment opportunity just yet but I have kicked my search into full gear so I can get this first deal done ASAP.

Can I execute a Letter of Intent (Commitment  Letter) before I even find the investment property? I want to lock in that commitment and make it binding.