Buying and Owning Horses 101?

[tanner12oz]

Any good reading material or websites on taking the next step in the game of owning a horse?

[deathandgravity]

www.holeinyourhead.com

I found this forum & the old Del Mar forum as my best resources.

[greengorilla]

None that I have read. Before getting into the owners ring I would suggest a few pieces of advice as and Owner, Jockeys agent and Sales agent.. 1. Stay away from unraced horses as a new owner. 2. Understand the costs associtaed with training and vetting your horse monthly $1500 to 4500 per horse per month. 3. Identify your pain threshold.

This game is great if your patient and have someone who can identify talent for you. What track are you thinking of running at if you get in the game?

[Delawaretrainer]

http://toba.org/owner-education/

Lots of good stuff here.

I also agree with staying away from unrated horses at the beginning. Claim something, hope it's sound and have a little fun to get your feet wet

[Stillriledup]

GG is right NEVER start out as a new owner with unraced horses. Start in the claiming game, claim a "Warrior" horse who is made of titanium, get a few partners, and start out that way. I would suggest that the horse you claim has plenty of lifetime starts, make sure its a horse who has survived the 'wars'.

[traynor]

Have a heart-to-heart with your attorney and accountant first. If you don't have an attorney and accountant, you probably can't afford to think about owning horses.

[DJofSD]

Do you know what is the definition of a boat?

Well, a horse is nothing but a land boat.

I say this from the perspective of some one that has been involved in horses from pleasure riding, breeding and competitive experiences but not T'breds and racing.

Yes, horses offer you a great experience but until you understand completely what the financial demands are, keep both hands on your wallet.

[DSB]

The best way to get involved, if you can do it, is to go partners with a trainer who you trust.

When the trainer has a financial interest in the horse, the owner/trainer dynamic changes. He no longer is working for day money plus 10%, he now has a vested interest in the success of the animal and stands to lose money if the horse isn't profitable.

The advice about unraced horses is good advice. The only time you should get involved with unraced horses is when your stable is big enough to absorb the losses you're likely to incur from untested stock. Somebody starting out with one horse should avoid unraced stock like the plague.

Also, don't forget that the price you pay for the horse is the tip of the iceberg. Anybody can afford a $5,000 claimer (or half) but the real cost comes in training expenses. Be sure you realize that at a major track you're talking about $2,000 to $3,000 a month. Don't go into racehorse ownership without a bankroll that can withstand a few months of nothing coming in. Hopefully your horse will at least pay its own way, but in racing, nothing is a sure thing.

Good luck.

[tanner12oz]

What about the partnerships out there? I get the impression that 99% of them are scams...believe me I have no vision of grandeur or anything simply want that winners circle photo like everyone else..

[greengorilla]

Originally Posted by tanner12oz

What about the partnerships out there? I get the impression that 99% of them are scams...believe me I have no vision of grandeur or anything simply want that winners circle photo like everyone else..

The problem with partnerships is you really have little control over your money once you hand it over unless your the team manager. And when you want out it's not and easy exit.

[dannyhill]

[QUOTE=DSB]Also, don't forget that the price you pay for the horse is the tip of the iceberg. Anybody can afford a $5,000 claimer (or half) but the real cost comes in training expenses. Be sure you realize that at a major track you're talking about $2,000 to $3,000 a month. Don't go into racehorse ownership without a bankroll that can withstand a few months of nothing coming in. Hopefully your horse will at least pay its own way, but in racing, nothing is a sure thing.

I wish i only paid $2000 to $3000 monthly for training. You sir are my hero.

[greengorilla]

[QUOTE=dannyhill]

Originally Posted by DSB

Also, don't forget that the price you pay for the horse is the tip of the iceberg. Anybody can afford a $5,000 claimer (or half) but the real cost comes in training expenses. Be sure you realize that at a major track you're talking about $2,000 to $3,000 a month. Don't go into racehorse ownership without a bankroll that can withstand a few months of nothing coming in. Hopefully your horse will at least pay its own way, but in racing, nothing is a sure thing.

I wish i only paid $2000 to $3000 monthly for training. You sir are my hero.

If your paying more then 3k a month your probably getting ripped off like most of the owners I know at the top quality tracks. The big scam most owners fall for are the outrageous vet bills they receive.. I mean the most you could be paying is $90 a day to train at gulf, and $150 for shoes a month. Your vet bill shouldn't be more then $300 on average. if it's more your getting taken to the cleaners.and a kick back most llikely is being given to your trainer from the vet.

[Shemp Howard]

[QUOTE=greengorilla]

Originally Posted by dannyhill

If your paying more then 3k a month your probably getting ripped off like most of the owners I know at the top quality tracks. The big scam most owners fall for are the outrageous vet bills they receive.. I mean the most you could be paying is $90 a day to train at gulf, and $150 for shoes a month. Your vet bill shouldn't be more then $300 on average. if it's more your getting taken to the cleaners.and a kick back most llikely is being given to your trainer from the vet.

More like the vet treats the horses the trainer owns most, if not all of, for free and pads the bills for the horses owned by his "partners".

Kickbacks are hard to disguise from the taxman in this day and age. Phony bills that only the vendor and the managing partner know are bogus is the easy way to go.

[BIG49010]

Go to the new owner seminars many tracks have. Many tracks also interview different trainers every Saturday, attend several and if you like the approach of the trainer, ask him if he accepts new clients.

I would also say that claiming can be fun, if you have a couple of friends with the same goals, this will give you a window into the difficult task of owning.

Good luck

[Rex Phinney]

Originally Posted by traynor

Have a heart-to-heart with your attorney and accountant first. If you don't have an attorney and accountant, you probably can't afford to think about owning horses.

HAHA! I'm a CPA, and previously an owner, this is the best advice in this thread