NIAGARA FALLS, N.Y. (WKBW) — Opening doors to all is what one real estate agency in Niagara Falls is doing to help guide those in need into the world of real estate, land, and home auction buying.
Kenneth Mais shared with 7 News reporter Yoselin Person that he came to Western New York eight years ago as an agriculture worker.
He attended the Red Door Real Estate WNY session to digest as much information as he could on owning property.
“I believe in property ownership. I'm an immigrant coming from the land of Jamaica,” Mais says. “I intend to live here really so I believe I should own property. The way I look at it, it also helps the city of Niagara Falls.”
Experts from Red Door say that ultimately there is a path to homeownership for everyone.
They’re here to direct those like Mais to be confident in buying a home or land.
“There is a financial requirement. There is a credit requirement unless you have an unlimited amount of cash, which most people don’t. You need to participate with a bank,” says Francis Fernando, a business development director at Red Door. “And you need a trusted real estate agent to partner with you and help you kind of guide and navigate all of those avenues.”
Cash Auctions expert Eric Monahan spoke on what it takes to go into a home auction buying event.
“You have to read the terms and everything and read and read and read because you can get caught up in stuff,” he says. “There’s a lot of legal stuff you have to read. Make sure you know what you‘re doing. You can get caught up in the moment because that’s what auctions do.”
But the owner of Red Door, Renee Moran, says auctions are not for everyone.
“So the outside can look wonderful then the inside can have fire damage. The outside could look great, the basement could be full of water,” she says. “It’s just a risky situation, so it’s really best for experienced buyers. First-time home buyers, I would not suggest they buy homes at an auction.”
If you’re thinking about owning land and may not have enough in your pockets, no need to worry.
“When I first bought land I only had a few thousand dollars,” says Ahmad Nieves, a licensed real estate salesperson/ land expert. “What I've educated people to do is to buy vacant land for cheap at an auction. I've gotten some land for a thousand dollars, and I'm able to sell these vacant lots at market value which can be $5,000-$10,000, and even more. You’re able to take this small investment that’s pretty risk-free if you know what you’re doing.”
There are grants that Moran says first-time home buyers can apply for.
“There are tons of first-time home buyer programs right now. There is a down payment and closing cost assistance loan of $30,000 all over New York State. The governor created this program," says Moran.
There will be an online home-buying auction next week.
Click here for more details.
To learn more about how you can be a first-time home buyer, click here.
