Selling my house and want to buy Multi family in South Bay- CA

[Ilina Livingston]

First of all wow I'm so glad I found this site/ app! I've been reading a lot of posts and it amazes me that some good number of people here do take time to reply to others with all the details 😀! 2nd: how do add pic to profile LOL. Here is my story: I bought this house in Palos Verdes Estates (PVE) back in 2012 for $950,000 it was a beat up and cheapest house (1952! Even the stove was 1952 stove so go figure) in this expensive area. 2000 sf, 3 bedrooms and 2 bathrooms. I put 20% down. I have been working on this house for around 9 month ( yeah I know it's pretty long but this was my first remodel/ working with good and bad contractors..: . New roof, remodeled both bathrooms, remodels kitchen, hardwood floors, complete remodel to the supposedly garage that was transformed to some ugly room and of course per city codes I have to transform it back to a garage. I put around $200k in remodeling and fixed the landscaping and today was the final day of everything and my agent is happy to list it soon 👍🏻. I believe I can list it between $1.3-1.4 M we will see in the next two days: What I'm thinking is well this house and buy a single story multi family homes like 2-3 units with a good size back yard ( have a very protective big dog and can't live in a Lin apt for this reason) and live in one and give the other to my sister who is living in $2,300 a month rental. I'm thinking to settle for an ok place that is $850,00 or less in Torrance or Lomita both cities are close to where I live now and there is a possibility to find multi family at this price but not so sure about the single level ( not two stories .. ) Now the issue: If I do the above and I'm cashing my 20% down i put on this house plus the extra equity which I don't how much it will sell for if I wait I may be able to get $1.4M but that may be 6 month on the market I don't know as I'm seeing some similar size houses staying on market for a while like 3-5 month! The problem is after agent commission and other fees and after I put another 20% down for the multi family how Am I going to invest in RE? Would I have enough cash flow for this? Or do I do the same move again and buy another beat up house (if I find it) and remodel smarter this time and make more cash before I venture in the me and my sister multi family .. The thing is I was living in the house with all the remodeling and I was working from home to monitor my dog and have him locked away from workers ... I'm not sure I want to do this again but I may do it if there is another good deal since I have gained tons of experience on how to deal with city, inspectors, contractors..., I so glad I did this and I will do it again in a heart beat. I would love to hear from the great people on this forum/ site on what would they do if they are in my position. Looking forward to get to know each of you.