Bi-phasic composite films are generally grown as multilayers that result in layer-by-layer morphology with each layer having a distinct chemical composition. In this work, we report an all-in-one chemical synthesis technique combined with spin-coating to prepare single-layer bi-magnetic LaFeO3 (LFO)-CoFe2O4 (CFO) composite thin films with both phases co-existing in the same layer. The films have been characterized using X-ray diffraction (XRD) and transmission electron microscopy (TEM), and the magnetic properties have been probed using dc magnetometry at room and low temperature. The unique synthesis technique followed ensures homogeneity of the two phases on the nanoscale with grain sizes ~10 nm for CFO and few tens of nm for LFO, as observed from TEM images. XRD confirms the presence of only the desired LFO and CFO phases in the films without any undesired secondary phases. Magnetic hysteresis loops reveal a coercivity of ~0.2 T at room temperature that increases by nearly one order of magnitude at T = 5 K. The all-in-one synthesis technique reported here can be used to prepare different bi-phasic composites in the form of single-layer two-dimensional films as well as zero-dimensional nanoparticles by a suitable modification of the precursors, solvents, and chelating agents.