All in on property?

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    All in on property?

    Hi all, I'm a postman aged 37. I have one buy to let on a 5 year interest only deal. Value 230k, mortgage 150k long term tenant. I have 40k in the bank. I have one current account, no loans, credit cards, savings or pension. Only direct debits are the mortgage and mobile phone.
    I am currently living back at the parents but I would like to be out before I am 40.
    ​​​​​I have a couple of options I can see:
    1. I rent privately a small flat ( I don't need a lot of space) for a similar price to the rent I collect from my buy to let. Do this for a year or two and get a better idea of what sort of place and area I want to live in before committing to buy again. In the meantime I could invest the 40k in fixed savings, or index trackers so I'm a bit more diversified.
    2. Continue saving the 40k up to 50 k + for a deposit on a small flat with another 150k mortgage . So buy property 2 for around 200k or more depending on deposit. This means all my money is in property .
    I will also add I have a large sum of money (6 figures) being repaid to me weekly from a couple of friends. The weekly repayments (£150-250) cash pay for all my shopping , fuel and presents, and so on which is why I can save rapidly.
    Any thought or advice appreciated.

    If I didn't have 80 k invested in property already the answer to my living situation would be obvious - buy somewhere to live.
    ​In this case though I already have a property , just it's let out. Does the fact I'm happy to leave it let out give me free reign to rent somewhere myself safe in the knowledge im a property owner ? And then use my other 40k savings to diversify , possibly stocks , P2P or fixed savings?
    Or should I avoid paying private rent at all costs and go all in on another property, even if it's a small studio or one bed? Then view my let property as future retirement income and not worry so much about other types of savings/investments?


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