Capital Growth

[Nicholas DeLouisa Jr]

Hello,

I am having a little trouble understanding the nuances of a capital growth strategy, as opposed to, say, strict buy-and-hold. I guess I don't quite see specifically what IS capital growth and what is NOT capital growth, with respect to income properties. The way I'm reading it, capital growth is about increasing value. But doesn't paying down a mortgage increase value? Or is it only appreciation and/or repairs/updates/etc. that would be considered capital growth? Is it all about taking properties and trading up to increase value? Is it some combination of these? Or perhaps some of the above is and some isn't? 

I'd appreciate any clarification, thanks!

Nick