Buy a SFH or Pay off Primary Residence? (Newbie in Portland, OR)

[Joel W.]

Hi Everyone, 

I'm very new to real estate investing and wondering if anyone has any idea/thoughts/suggestions on whether I should buy a SFH or wait until I've paid off my primary residence. I've been reading a lot of books, listening to podcasts, and reading posts on here to educate myself.

My wife and I make roughly $220,000/year from our jobs (also have Airbnb income of $10,000, but that's non-existent right now), and our jobs are fairly secure. We have/had $350,000 in our 401ks (last time I checked in January), and owe about $320,000 on our residence. We do not own any other properties or assets, or have any debt.

 I'm fairly financially conservative and a minimalist, and don't want to over-leverage myself. I want to retire early. I think this may be a once-in-a-decade opportunity to get some really good deals, though. 

Thoughts on a way forward, and educational materials, etc., would be appreciated.  

Thanks, 

Joel