How to approach private investors (not family)

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So people always say go to REI meetings, meet people and talk to them. I am doing that, however how do you approach a private investor? What do you say? Hey I'm a newbie can you fund my project (when I get one)?

Being funny, but I am not shy but I'm also not so aggressive either. When you do network with people how is the conversation going down? 

What are some approaches I could use to get a private investor on board with me, what do I say? Thanks in advance for any ideas...