How to get started investing while having student loan debt?

[Phill Phelan]

Aspiring buy and hold investor here. Here's a short backstory before the dilemma.... We own a home with approximately 125k in equity. We rent cheaply elsewhere and recently started renting our house out for $1500 a month for pretty good cash flow. We have nearly 55k in student loan debt with an average interest rate of 5.1%. Monthly student loan payments approach $800 so they're a savings killer. We want to refinance the home but are unsure if the best course of action is to pay off the student loan debt, then try to save money to buy another rental property or just go ahead and purchase another rental property with the refinance cash? Any thoughts are very welcomed. Anybody dealt with a similar dilemma? Thanks BP bretheren.