When is the best time to attract private money??

[Andrew Shell]

Hey everybody,

I have heard different things about whether people secure financing before or after they have found a property that meets their investing criteria. If you are working with private money, do you try to attract partners/investors before you have found a specific property... with a hypothetical situation per se? Or do you prefer to only ask for private money after a specific property has been found and you can show them the real numbers? After reading a lot of these posts, it seems that private money is mostly built upon relationships, experience, and a good reputation, do you investors keep a list of people that you could turn to if an opportunity presents itself? Should I also try to keep track of people I could turn to? What are your strategies?