Affordability isn’t just about prices — it’s about what we build, where we build, and whether the numbers actually pencil.
In this episode of the REalized Gains Podcast, Steven Tran and Jordan Lee sit down with Mike Nuss (Rarebird, Investor Lab, Deal Junkies) for a deep dive into Portland real estate development, middle housing, and why the future of housing in Oregon is being shaped by zoning code, cost-to-build realities, and market psychology.
Mike shares his journey from real estate appraisal to development, lessons from the Great Recession and a failed partnership, and why he built businesses around education-driven investing. Then we get tactical: how Rarebird evaluates projects, why cottage clusters and smaller detached homes can be an affordability solution (without government subsidy), and what most investors misunderstand about cash flow vs. P&L vs. balance sheet.
You’ll also hear Mike’s perspective on:
Why “highest and best use” and zoning code drive everything
What a “cottage cluster” actually is (and why neighbors push back)
Build-to-sell vs. build-to-rent underwriting in today’s market
How interest rates changed the affordability equation
Why most developers fail: running out of money + misjudging absorption
Scaling with systems like EOS / Traction and the “right people, right seats” concept
If you’re investing in Oregon, curious about Portland infill, or trying to understand what middle housing laws mean for your lot — this one is packed.
Guest: Mike Nuss
Companies: Rarebird, Investor Lab
Host handles: (add your links)
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#PortlandRealEstate #RealEstateInvesting #OregonRealEstate #RealEstateDevelopment #MiddleHousing #CottageCluster #ADU #InfillDevelopment #HousingAffordability #InvestorLab #Rarebird #MultifamilyInvesting #BuildToRent
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