Find the deal first or find finding first?

[Sunshine Chow]

Hi everyone! I am a new investor and just recently got into my first JV flip as a silent partner in the Los Angeles area. I was just wondering whether most investors find the deals first, get it under contract, and then find funding, or if they find funding first and then find the deal to get under contract. So far I've had a few other potential JV deals approach me and it seems like most people are getting deals under contract first and then reaching out for funding, but I'm wondering what happens if the investor has a deal under contract but fails to find sufficient funding for the project. Do you just extend the escrow period? Or does the seller generally move on the the next buyer and the investor has to try to find another deal? Any clarification on this would be appreciated. Thanks!