January 28, 2024

JF3433: A Nuclear Missile Operator’s Approach to Value-Add Multifamily ft. Geoff Kudlacz




What does the Air Force’s nuclear weapons department have in common with multifamily syndication?

Geoff Kudlacz.

Kudlacz — known as “Geoffrey Dollars” on social — joined our host Slocomb Reed on the Best Ever Show to discuss his transition from Air Force nuclear missile operator to multifamily syndicator, including how he got started by raising capital from family and friends for his first deal, which was located in a neighborhood that you would not want to find yourself in. Kudlacz goes on to discuss his tips for getting started in multifamily syndication, the mistakes he and his team have made and the lessons borne from them, and why finding the right partner(s) is everything.

Key Takeaways:

  • The Property Management Tipping Point: The reality about third-party property management is that they’ll never do everything the way you want it to be done. That’s the tradeoff. Operationally, once you get your business in order and you optimize NOI, then it’s time to consider vertically integrating with in-house property management. It’s a natural evolution that every syndicator eventually reaches.

  • Mistakes and Lessons: The road from nuclear missile operator in the Air Force to being a GP on 700 multifamily units was littered with mistakes and valuable lessons learned — mistakes like overspending in the wrong areas, overshooting rent projections, and buying buildings outside of the team’s operational wheelhouse. But mistakes have to happen. If you worry about being perfect on your first deal, you'll never get started.

  • Partnerships Are Everything: When choosing partners, don’t be blinded by the dollars they might bring to the table. You can find money anywhere. The right partners are rare. A partnership is like a marriage — you’ll be interacting with this person and having difficult conversations with them daily. Treat the search process as such.

Geoff Kudlacz | Real Estate Background

  • Managing Partner | Pacific Sands Funds
  • Portfolio:
    • GP on 700 multifamily units across four states
  • Based in:
    • Los Angeles, Calif., and Kansas City, Mo.
  • Say hi to him at: 
  • Best Ever Book: Buy Back Your Time, by Dan Martell
  • Biggest Lesson: Stick with what you know. If you’re going to buy something that’s outside of your purview, make sure it’s at a small scale and you’re doing it with your money and not your investors’ money.


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