Looking to Buy First STR LTR in Philly Winter 2023

Philadelphia, Pennsylvania
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Looking to Buy First STR LTR in Philly Winter 2023

Tim George
Member since 2022 · 3 posts · 1 vote

Hey all,

I am looking into purchasing a STR/LTR in Philly. I am a ex-touring musician and first was playing shows in Philadelphia in 2017 in the Northern Liberties/Fishtown area when apartment buildings cost the same amount as a sing-family home in Nashville (current residence). My wife's family is in the area and we are looking to rent out the property before eventually moving to the area but we won't be making it for a number of years.

Looking for information regarding what areas are available for STR and information regarding the tax benefits of buying net new properties.

Would also like to develop a team or realtor if anyone has any ideas for folks in the area for remote investors that would be great. 

Thanks in advance.

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Eric Greenberg
Investor · Philadelphia, PA · Member since 2019 · 618 posts · 430 votes
3y

Like Alan said I would not get into Philly for an STR unless you really understand whats going on now. Our city is much too disorganized to believe even with the correct zoning now, that it couldn't burn you later.

Id either go LTR or MTR. 


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  • Alan AsriantsBusiness Member
    Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
    3y

    Hey Ahmad! I am an agent and investor in the Phila area. I'd be happy to share with you my invest experience and my market knowledge of phila.

    In terms of STR - it is tricky in the City of Phila. They are actually cracking down on many landlords for illegal STR.

    Here you need to have a license and the proper zoning to be renting out your space for less than 30 days. 

    https://www.phila.gov/services/permits-violations-licenses/r...

    Reach out anytime!

    [email protected]267-767-0111
    Alan Asriants - New Century Real Estate 590 Reviews
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  • Eric Greenberg
    Investor · Philadelphia, PA · Member since 2019 · 618 posts · 430 votes
    3y

    Like Alan said I would not get into Philly for an STR unless you really understand whats going on now. Our city is much too disorganized to believe even with the correct zoning now, that it couldn't burn you later.

    Id either go LTR or MTR. 


    1Reply
  • Alan AsriantsBusiness Member
    Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
    3y
    Quote from @Alan Asriants:

    Hey Ahmad! I am an agent and investor in the Phila area. I'd be happy to share with you my invest experience and my market knowledge of phila.

    In terms of STR - it is tricky in the City of Phila. They are actually cracking down on many landlords for illegal STR.

    Here you need to have a license and the proper zoning to be renting out your space for less than 30 days. 

    https://www.phila.gov/services/permits-violations-licenses/r...

    Reach out anytime!


     Not sure why i said Ahmad. Sorry Tim***

    [email protected]267-767-0111
    Alan Asriants - New Century Real Estate 590 Reviews
    View Page
    0Reply
  • Ryan Muska
    Lender · Saddle Brook, NJ · Member since 2023 · 431 posts · 231 votes
    3y

    Hey Tim! 

    Ex-touring musician?!? A little celebrity, huh. 

    If you are ever interested in finding out how to finance these purchases and the various investor programs out there, I'd love to discuss how I may be able to assist you. Feel free to contact me whenever and we can set up a time to call and discuss what type of financial goals you may have. 

    0Reply
  • Tim George
    OP
    Member since 2022 · 3 posts · 1 vote
    3y

    Hey all,

    Thanks for your responses. Broke musician for clarification that changed careers. STR may not make sense and open to LTR. Not looking specifically in Fishtown/NLiberties area as I understand the prices are insane now in those areas.

    0Reply
  • Stacey Long
    Lender · Philadelphia, PA · Member since 2017 · 8 posts · 3 votes
    3y

    @Tim George I will say this...no STR, unless you are in CC proper, and even that can be a risk.

    0Reply
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