About Thomas
Most people in private markets tell you what they’ve built. I’d rather tell you what I’ve gotten wrong… and how that changed the way I evaluate everything.
“I didn’t inherit a head start. I went to the library.”
I didn’t inherit a head start.
My dad spent 32 years working in a power plant. Shift work. Coal dust. Fly ash. When he retired, the company gave him a telescope.
I stood there looking at that thing in the box and understood something clearly: if I stayed on the path I was on… trading time for money, doing what everyone said I was supposed to do… I’d end up in the same place.
So I went to the library. Because that’s what I could afford. I read everything I could find on building real wealth. Then I found a guy who owned 12 rental properties and called him until he let me work for free. I cleaned out vacants, hauled trash, painted walls. Then we’d go to lunch and I’d ask him everything.
That was 2006. What followed was two decades inside real estate and private markets: single-family houses, multifamily complexes, deals that went sideways, deals that performed. I raised capital, managed properties, and spent years studying what actually separates operators who deliver from operators who pitch.
I’ve been on the wrong end of a capital call. I’ve watched promising deals fall apart because the underwriting was wishful thinking. I’ve seen operators who looked great on paper disappear when things got hard.
That experience isn’t a liability. It’s the filter.
The Turning Point
2006
First Rental PropertyAfter years of reading and working for free, closed first deal right before Christmas.
2009
2015
2024
Not every deal makes the cut.
Here’s what does.
When I evaluate an operator or fund, I’m looking for the same things I’d want if I were the investor sitting across the table — because I usually am.
03
Long lockups with no clarity aren’t capital allocation — they’re hope. I want a clear path.
02
01
Operators paid on performance
Not on fees. Their upside should be tied to yours — not to assets under management.
06
If it’s hard to get straight answers before you invest, it won’t get easier after. That’s a hard pass.
05
Anyone looks good in a bull market. I want to see how they handled 2009 — or whatever the hardest year was.
04
I don’t care about the ceiling until I understand the floor. Conservative underwriting only.
The Standard
Where I’m focused right now.
Two areas I’ve spent significant time studying — both filling gaps that traditional institutions ignore.
private real estate
Private Land & Real Estate Debt
Traditional banks don’t love gap financing and raw land. That gap creates consistent deal flow for disciplined operators with a track record of deploying and returning capital — while most investors are still chasing multifamily syndications.
Senior-secured debt positions
Monthly cash flow distributions
Conservative, gap-filling structure
Small Business Lending Fund
Getting a small business loan through traditional channels takes six to nine months with no guarantee. The best-positioned businesses don’t wait. This fund cherry-picks the highest-quality borrowers — $3M+ revenue, 10+ years in business — and funds them directly.
$1B+ deployed by operating partners
Avg. borrower: $3M revenue, 10yr track record
Non-correlated to real estate cycles
Join the investor list.
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First access to curated private investment opportunities before they’re broadly available
Plain-English deal summaries — what it is, who’s running it, why I considered it, and what I actually think
Weekly perspective on private markets, alternative assets, and what I’m watching
No hard close tactics. No urgency plays. Just information and access.
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“Finally found someone who speaks plainly about what these deals actually are — and what they aren’t. Thomas doesn’t hype. He just explains.”
M.R. — Business Owner
Investor, 3 years
“I’ve been through three syndicators who promised the world. With Northcorp, I actually understand what I’m investing in before I sign anything. Big difference.”
D.K. — Real Estate Professional
Self-directed IRA investor
“The education alone is worth your time. I’ve learned more about evaluating private deals from Thomas’s newsletter than from any course I’ve taken.”
S.T. — Healthcare Professional
Passive investor
Current Focus
Stop rowing harder.
Get in a better boat.
Your money should work as hard as you do. Join the Inbox Income
investor list and get first access to curated opportunities — with the
straight talk to evaluate them yourself.
Northcorp Capital
— Thomas St. John
Northcorp Capital
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This is not an offer to sell securities. For accredited investors
only. Past performance does not guarantee future results.