To save up to buy first property or pay off debt first?

[Justin Miest]

Hello everyone,

I've been spending the last 2 Months or so listening to as many BP podcasts as possible and reading recommended real estate books. There is a lot of information to take in so I just wanted to get some input at this point I'm at right now if anyone is willing to give me some. My Plan currently is to to take the Scott Trench approach somewhat from his Set For Life book. I am planning to try to pay off all "bad" debts that my girlfriend and I have. (student loans, vehicle, ect.) this will take us around 9 months to a year. We have very cheap housing lined up for this 9 months to a year to help us do this. (to be completely debt free) Along with this we will save up enough for a down payment and some extra reserves. Then I Plan to buy a 2-4 unit multi family and "house hack" in it. (preferably a 4 unit with some value add available) After this we will save up again and purchase as many more small 2-4 unit properties as we can via traditional financing until our debt to income limits us. Then I plan to switch into private or hard money and try to go for bigger properties. 

My main questions 

1. Is paying off all "bad debt" the smartest move or should I instead buy a rental property as soon as possible? (We both have 740+ credit and decently paying jobs. (100k+ per yr between the 2 of us.)  I've worked full time for 3 years she just started. w-2 incomes) Curious on people's overall opinion on this. I'm extremely torn because I want to buy a property that makes sense as soon as I can (especially with interests rates seeming to go up) but I also don't want to deal with student loans or other debts like this going forward or get into a property with insufficient reserves. 

2. What are some recommendations on posts/books/resources to really get good at "running numbers" on properties? I have used bigger pockets tool and run numbers from that along with what I have picked up from books and the podcasts but I still don't feel confident I am correct with my numbers.

3. What is the repair extent that I should look for in a property? I have time to dedicate to the the work and am reasonably handy and able to learn but have minimal experience with home repairs outside of basic things. I'm Basically just curious what people think are too big for my first property?

Thanks for any input!

Justin 

Minnesota 55009 multifamily small red wing Hastings Cannon Falls Minneapolis St.Paul  Lakeville