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Flipping homes can be confusing when you are just starting out. Especially if you are new to the real estate industry. For you newcomers, here are some quick start steps:

1.

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

Prepare yourself mentally. Determine your motivation for wanting to flip homes. Ideally, it should be emotional. Make it personal and be specific. This motivation is

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

Examples of combination products may in

what will push you through the rough patches and will help you overcome your fears. Have faith that if someone else can do it, you can too! You have to believe you can be su

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

ccessful at flipping homes.

2. Begin your education. But, don’t go crazy. Read books focusing on the particular area of flipping you want to focus on. Read articles.

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

The internet has an amazing wealth of information, but since there is so much; you’ll need to be careful not to get overwhelmed. Read enough so that you are familiar with th

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

Combination pro

process, but realize there are experts that will help you along the way. Understand and accept that you will need to start before you are 100% comfortable.

3. Determine

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

your investing niche. Decide which section of the home flipping market you want to begin with. Pre-foreclosures, bank-owned, HUD? Determine how much money you would need

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

for each type, compared to what you have available or can get. Focus all of your energies on that one type of property. You can branch out later.

4. Find a real estate a

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

gent to represent you as buyer. Select someone that focuses on the specific type of properties you want to flip. Speak with several. You will want someone that not only

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

understands the needs of investors, but one whose personality meshes with yours. Be sure they understand your goals. You’ll likely be asking them to make creative offers and

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

hey need to be comfortable with that.

5. Get your financial ducks in a row. Check your credit. Do what you can to improve it. Determine the capital you have to inves

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

Following aspects would a

t. Determine potential partners. Determine your funding source. Research potential lenders. Don’t forget Hard Money Lenders. Get pre-qualified from three of these lenders. Th

dd to the challenges in developing combination products:

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

ese steps are biggies, but don’t let them overwhelm you. Take them one at a time and remember your motivation. Don’t forget to set goals.

6. Join a local Real Estate Inve

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

stors Club. Attend meetings. Being around like-minded people will keep you motivated, not to mention networking opportunities.

7. Attend seminars. These could b

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

e real estate seminars, or self-help seminars. They will both build your confidence and keep you around like-minded people.

8. Find your property/ies. Yes, do your d

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

e diligence. That means, research area comparables. Visit the property. Have an inspection completed. Determine how much money you’ll need to invest in the property to flip i

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

Professional from academic institutions, pharmaceutical industries, health care indust

t quickly. Understand the local market so you have a realistic turnaround time.

9. Make an offer. Be prepared with a pre-qual letter and earnest money. (This could b

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

e a very nominal amount.) Do not forget your addendums to the offer that will protect you!!! Negotiate as necessary. Make as many offers as necessary. Remember, it’s a number

.

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

s game. Expect many offers to get rejected, that just means it wasn’t the right deal for. Know that the right deal for you will be accepted. Be patient.

10. Close on your

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

Companies that provide selfless information through particip

property, rehab and flip. Start out flipping one property at a time. With more experience, you’ll be ready to handle multiple properties.

To your success flipping homes

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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Clarifying and implementing corporate core values – corporate DNA – will result in a business advantage. Two questions every company should ask: 1. Why did each employee select our company and why do they stay? 2. Why did each customer select us and why do they let us continue to serve them?

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