Answers - Real Estate

Owning rental property can be a great source of steady income if handled properly, or it can be sold for a hefty profit to someone else looking for a long-term real estate investment if you are ready to move on and would

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

like to make a larger, one-time windfall on the property. Deciding which way you want to go depends on several things.

Owning rental property offers some tax advantages and you benefit from capital appreciation as wel

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

l. This can make the expense of property upkeep well worth it, but there are plenty of other issues to consider as well.

When you own rental property, you have all of the standard legal obligations of owning property,

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

including taxes, the mortgage, insurance and any other expenses. In addition, you also need to be aware of the condition of the property at all times and maintain a safe living environment for your tenants. There is al

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

so the investment of time in managing the property – doing repairs, following up with tenants if rent isn’t paid on time, seeing that all rules are being followed, settling disputes…the list is a long one.

If you are co

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

nsidering selling your rental property, several things will influence the amount you can expect to get for it:

Are all or most of the units occupied? More people will be interested in purchasing if they know that the a

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

partments have current tenants – it guarantees them an immediate income stream.

Have there been updates to the units in the last few years? Investors will pay top dollar if they know they won’t have to sink additional

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

unds into improvements.

Are you charging your tenants a rent that is in line with the area? Buyers will want to know that when current leases or contracts expire, they will be able to fill the units easily.

If you dec

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ide you want to keep your rental property for a while, be sure you protect yourself financially and legally. Owning rental real estate means knowing how to handle tenant effectively, fairly and legally while preserving

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

your own rights.

Never rent to anyone without having them fill out an application that includes references – then be sure to check those references! Verify their employment record and, if they’ve leased or rented befor

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

e, talk to former landlords to see if they’ve had problems in the past. A credit check is also a good idea – if they are already having financial problems, you don’t want to be the next one on the list.

Always have a s

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

tandard rental contract drawn up that outlines the rules and regulations of the property, the rent and when it is due, any deposits required and rules regarding landlord access to the unit, etc. Be clear about what repa

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

irs and maintenance are and are not your responsibility as the landlord and the rules covering changes such as painting the rooms, etc.

One thing many landlords skimp on that’s a serious mistake is insurance – you shoul

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

d be sure you have plenty of coverage for serious problems that may arise such as a leaky roof or a furnace break-down. Nothing ruins tenant-landlord relationships like the need for major repairs that aren’t quickly tak

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

n care of. Also be quick to address small problems or they will quickly pile up, giving the property a run-down appearance that will lower the rent you can charge.

Attention to detail is essential when you’re a landlor

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

d. Keep accurate records of all payments and follow up with in tenants who are late to find out the reasons. A few days here are there shouldn’t be a problem, but if someone is consistently late you may need to pull ou

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

t a copy of their contract and review it with them.

Pay attention to what your tenants’ complaints are. If some of them consistently have problems with a particular neighbor in the building, you will need to have a fac

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

e-to-fact meeting with the problem renter to see if there is a way to resolve the situation. When one person is making several others unhappy, whether it’s constant loud music or using others’ parking spots, it will aff

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ect the atmosphere of the whole building.

If you get to the point that you have to evict a tenant, consult with a legal professional. It’s always best to make sure you’re following the correct procedures and haven’t mi

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ssed any steps before demanding that someone move out. You don’t want to give them an excuse to sue you later.

Caution, attentiveness, fairness and legal correctness should make your time as a landlord a profitable one

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Answers - Making Rental Real Estate Investments Work for You

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