Have you ever had a house burn down next door?

[Steven W.]

Hello BiggerPockets Family, I'm looking for your advice. I own a triplex in a C+ neighborhood. It's done very well with very little turnover and maintenance. Just a few days ago, the property next door caught on fire and half of the house burned down. Apparently the tenant's son charged his hover board and it caught on fire. Luckily nobody was hurt however I do know the owner and he told me he did not have insurance on the property. He told me he plans to bulldoze the home and turn it into a lot. He's older and retired so he is very interested in selling as soon as possible to recoup some of the loss. My question is should I make an offer on the property? Should I offer to buy it pre-bulldoze and just extend my lawn. There is no real reason for me to own it but since I have a vested interest in my property it would be nice to have some control over what is next door. My other option is to let him bulldoze and buy it after. I have no idea how much to offer him. I do know my taxable land value is only around $2500 but this is Shreveport, LA and taxes are kind of funny there. Let me know if I can provide you anymore information. I look forward to your input. Steve