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FIXnotes
April 16, 2026 · Robert Hytha

Equity Plays vs. Cash Flow Plays

Most note investors know they want a deal — but not every deal resolves the same way, and buying the wrong type without knowing it is how returns.

Ep. 350:00
4:44
  • What you'll learn:

  • What separates a cash flow play from an equity play — and why the distinction drives every underwriting decision

  • How to evaluate a cash flow play around the borrower's ability to pay and what a reperforming loan is actually worth

  • Why an equity play resolves through the property — and how strong collateral can protect you even when the borrower never pays a dollar

  • What the best deals have in common — and how to recognize when you have both plays working in your favor

  • The mistake that kills returns — buying for cash flow when you are actually in an equity situation, or worse, having neither

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