Valuing And Developing Portland Real Estate After 20+ Years As A Licensed Appraiser with Mike Nuss

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)

Watch / listen / subscribe for more Oregon + Washington real estate & investing conversations.

#PortlandRealEstate #RealEstateInvesting #OregonRealEstate #RealEstateDevelopment #MiddleHousing #CottageCluster #ADU #InfillDevelopment #HousingAffordability #InvestorLab #Rarebird #MultifamilyInvesting #BuildToRent

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