Before you jump in to real estate investing, it's a good idea to take some time to put together your real estate "Dream Team".  These are the professionals that you will reference when it comes to buying, selling, researching, and handling day to day operations of your investments.  Having a strong team behind you will help ensure your success throughout your time as a real estate investor.

The important thing to remember here is you don't want to wait until you have a deal brewing to start piecing together the puzzle.  By then it's too little, too late.  You'll want to look into the practices of these team members, and try to establish a connection before the first transaction.  Even something as simple as a phone call or a short meeting can help you determine if their goals will align with your own.

Every "Dream Team" should include:

• A lawyer. Your lawyer should understand the ins and outs of a real estate transaction.  Many offices have a lawyer that specializes in these types of transactions.  You may also want to consider finding a lawyer who understands asset protection methods, such as land trusts and Limited Liability Corporations.
• An accountant. Having a strong accountant will help you uncover various tax write offs that you are unaware of.  of.  In addition, they should understand the asset protection that a land trust or LLC provides.
• A mortgage broker. Making sure that you have a mortgage broker who understands the needs of an investor is important!  It's harder than ever to find someone willing to finance a real estate venture, so having a solid mortgage broker before you find the deal will save you a lot of headaches.
• A title or escrow company. Make sure your escrow company is comfortable with and understands short sales, double closings, and putting property under an LLC or into a land trust.
• An insurance agent. Leaving your new property uninsured is not only a fool's move, it is also illegal in many states!  Tenants should have their own insurance (usually called Renter's Insurance or Tenant Insurance), but the property should also be covered.  Talk to an insurance agent and make sure you get a policy that covers income property.
• A contractor. Actually, I would consider having a few contractors around.  Usually a general contractor will be able to handle most of your needs.  Sometimes, however, you may need an electrician or a plumber to be licensed and certified in a particular city in order for them to inspect a service, pull specific permits, etc.  Your general contractor may be able to refer you to the specialized contractors you need.
• A real estate agent. Depending on how you complete sales, you may not need a real estate agent.  However, agents generally come with MLS access, which can provide a wealth of information with just a few key strokes.  In addition, their market knowledge of an area may help you spot a great deal before it gets snapped up by another investor.  Finding an agent who is used to working with investors is important, as they can often give you references to other key members of your Dream Team.
• A property manager. This is especially important if you live outside the area of your investments.  Having a property manager to handle your day to day operations is important.  Often times they will be able to handle situations faster than you can, because they understand how all the wheels turn in the local government.
• A partner. This one is optional, however, I suggest knowing someone that has "private money" that you may be able to work with to get a deal to happen.  Private money can sometimes come at a better interest rate, or at better terms, than bank financed money.  In addition, private money lenders usually rely less on credit and more on a strong business relationship.
• A mentor. Your mentor should be there when a question arises, advice is needed, or just to provide some insight on a topic.

Finding members for your "Dream Team" can be difficult.  Talk to other real estate investors in your investment area, attend real estate investor club meetings to network, and ask your mentor who they use.  Having these people on your team early, and ensuringyou have strong relationships with them, is vital to your success as an investor.

Andrew Schultz is a real estate agent and property manager located in the Western New York area.  His articles on real estate investing and property management can be found at www.andrew-schultz.com.