From Firefighter to 300 Units Owned and Managed

From Firehouse to Full-Time Multifamily

Thomas St. John didn’t come from a finance background. Before founding North Corp Capital, he served as a full-time firefighter in Toledo, Ohio. He worked 24-hour shifts at the firehouse, then used his off days to walk properties, meet sellers, and manage rentals.

That grind taught him how to stay calm under pressure, solve problems quickly, and lead with discipline — all traits that later defined his approach as a real estate operator.

When he started investing in 2006, it wasn’t about syndications or social media. It was about building something real, one unit at a time. He bought duplexes, managed tenants himself, and used each property to sharpen his instincts.

Nearly 20 years later, Thomas and his team own and manage close to 300 units. They focus on smaller multifamily in working-class neighborhoods, acquired mostly off-market and operated in-house.

But for Thomas, it’s not just about returns. It’s about building a business that supports his family, serves his tenants, and gives him the freedom to live on his terms.

His mission is simple: operate with integrity, stay close to the numbers, and keep building for the long haul.

The Play: Small Multifamily, Direct to Seller, and Long-Term Hold

Thomas isn’t chasing syndications or the next hot market. He focuses on:

• 10 to 30-unit multifamily assets in working-class areas

• Direct-to-seller deals where he can avoid broker competition

• Long-term holds that build generational wealth and cash flow

He built his portfolio unit by unit while reinvesting cash flow and staying patient through market cycles. Most of his deals were off-market, self-managed, and acquired using simple but effective underwriting.

Why This Works

1. He plays in overlooked markets
Toledo is not on most investors’ radar. But Thomas knows the blocks, the tenants, and the numbers better than anyone. That gives him an edge in sourcing and managing properties others overlook.

2. He operates lean
Thomas handles property management in-house, giving him more control over expenses, leasing, and tenant experience. His team is small but tight, and they know every property inside and out.

3. He stays disciplined
He’s not swayed by hype or headlines. Thomas sticks to his model, underwrites conservatively, and only buys when the numbers make sense.

The Risks (And How He Manages Them)

Burnout:
Working 24-hour shifts while managing properties wasn’t easy. He used vacation days to do walkthroughs and write offers. Over time, he hired help and built systems to stay sane.

Over-improving:
Early on, Thomas put granite countertops into a C-class building. He now matches finishes to the tenant profile and focuses on durable, cost-effective renovations.

Slow leasing:
In tougher markets, turnover can kill cash flow. Thomas avoids this by prioritizing tenant retention and maintaining properties that people want to stay in.

What You Can Learn (and Steal)

1. Start small, stay steady
Thomas didn’t raise a fund or syndicate his first deal. He saved, invested, and used each property to level up. You don’t need to go big to go far.

2. Own your ops
By self-managing, Thomas has a real handle on what works and what doesn’t. He knows his NOI down to the dollar, and that’s what keeps his portfolio healthy.

3. Build for your life, not your Instagram
You won’t see Thomas posting about flashy deals. But he’s built something sustainable, profitable, and aligned with his long-term vision. That’s the win.

Listen to the full episode

🎙 Groundbreakers with Thomas St. John

In it, we cover:

• His journey from firefighter to full-time investor

• Why he focuses on Toledo and avoids bigger metros

• The systems he uses to manage 300 units without stress

• His biggest early mistakes and how he bounced back

• Why he values simplicity over scale