Money First vs. Deal First
Question: Should I network to find a partner and hard money lender BEFORE or AFTER finding a deal?
Background: I am new to the investing world with only 1 renovated 3-flat in Chicago and 15k in savings. In order to finance my next deal (fix & flip), I need outside, non-traditional financing (equity partner and hard money). Here's the problem...
1) I can not offer on publicly listed properties without proof of funds
2) I do not want to promise a homeowner of an off market property the world and not be able to follow through
3) I have had challenges finding a partner willing to take a risk on me (someone with little experience, some knowledge, & a lot of drive) without a deal
I feel like in order to attract an equity investor with my level of experience, I need a deal with so much margin they would be crazy to say no. However, to find a deal I would need to enter into a contract that I might not be able to perform on.
My Options:
1) Do I contract a property without guaranteed funds and then market it?
2) Do continue networking and wait to find a great deal until I find someone to financially back me?
3) Is there another strategy or option I am missing?