Steadily paying off debt and eager to buy rental properties

[Noe Ramos]

My situation is similar to someone who is $20,000 in debt on this forum. I live in the Inland Empire of Southern California and have an interest in investing in rental properties. I am currently paying off my debt as fast as possible through my current job and running a business as a landscape contractor. I listen to many podcasts through BP and books to give me a good grasp on my finances and real estate.

I  have come to notice that through my skills, I can go the route of rental properties. My only setback is with my amount of time, being that I am working about 16 hours a day 5-6 times a week. I look around through Zillow and notice the tip of the iceberg information to what potential properties can go for rent. I should take on paying off my debt first but wouldn't want some opportunities to slip by or be unable to handle it because of a busy schedule. I'd consider a property manager but don't have a relationship with any as of yet. I am looking for guidance on how I could go about this? I feel like there are a lot of holes in my post. I want to see what can be the next few steps. 

Thank you so much in advance!

Noe

[Cameron Tope]

Noe,

Congrats on making the decision to buy rental properties! They have been instrumental for me in gaining my time and peace-of-mind. 

I wouldn't worry so much about missing deals. There are always going to be properties to buy and if you take the long term approach, where you buy a property or two every year for a decade, you won't rush into anything. 

I had $37,000 in student loans when I started investing in real estate. I house-hacked which lowered my expenses and allowed me to payoff debts faster. 

This is a great first step for someone like yourself. But if you can't find a property that will work, then just payoff the debt. You're not going to be mad at yourself in 5-10 years for paying off debt and building a strong financial position. 

Best of luck!