Cash flow vs appreciation

[Phillip Gonzales]

As I have been looking at properties and seeing what cap rates are cahs flows and appreciations. I get caught up in what is most important to a new investor. I was listening to a podcast recently on BP and the investor stated that new investors start with cashflow and some with hopes enough positive cash flow to replace their current jobs. After an investor gets more seasoned he focuses more on appreciation long term! Is this what some of you have done? Thanks a bunch! 

[Sam Masiello]

+1 for cash flow.  Appreciation is gravy.