Selling a land contract in Illinois

[Meghan McCallum]

Hi,

Has anyone in Illinois sold a house on contract in IL? What terms did you use? What terms are common? How much more than market price should you sell your property for? What interest rate did you use? This is something I planned on doing in the future but have been approached to sell one of my homes this way.

Should I go this route or try and just flip it? I normally buy and hold (BRRRR) so this is something I have yet to spend much time researching. Also, can you sell a house on a land contrac that you already have financed? I bought this one w cash, but I'm wondering if I can finance my way out of it (get my cash in back) and still get the monthly cash flow i need.

Thanks in advance,

Meghan