Pay down Personal loan or save that extra cash to invest?

[Emanuel Pedrosa]

Hi there, I am new in this and need some advice from you guys. Here a brief summary of our case. There is three of us, my wife and our 3 yr old boy, currently living in Puerto Rico. I am an SAP consultant, few months ago got a better job making 118K per yr. This month end (July 2019) we will have a fully funded Emgy Fund of 4 months of expenses and no debts (other than a personal loan). We bought a 2nd home for $70K. $59,500 is the Mortgage and we had a personal loan of 22K at 8.49% , with another bank for 7 yrs (1.5 yr ago), initially for travel and remodel our first home, but reading and researching more of finance lately we decided not to remodel our current home and used part of it (10.5K) as the down payment for the 2nd home (currently being renovated) .  We were blessed that the owner agreed to help with the closing costs. Now, since the house is super near one of the biggest colleges of PR we would like it to be for students (private rooms and kitchen/living/study to be shared).  

Here is my question, should we use the extra cash, from our job income, to pay down the personal loan (5.5 yrs remaining at 8.49% with a 18K current balance) as fast as we can or should we save that money to get another property for the same reason as down payment, and let rent (once rented in 6 months aprox.) pay both loans, personal + mortgage?

Please advice! We're open for suggestions!

Kind Regards,

EP