Started out in an internet based partnership over 11 years ago. $400 buy-in so I figured, what the hell..... Won three or four races with that group of 50 people and had a fun time. Learned a LOT without risking a bunch of money.
Joined a group in Maryland that splintered off of the internet group, and had a chance to help manage that group. Learned a lot more over the next two years and picked up a few more win photos along the way.
Started my own claiming partnership about 7 years ago. Gathered $15k to start, with 12 or 13 partners. Claimed the first horse for $10k. Never sweated so much in my life waiting for the race end and praying he was still standing at the end. My wife and my trainer had a good laugh at my expense while we stood in a freezing racing office with me sweating bullets. Won first out by 8 or 10. Lost the horse a few races later while managing to turn a profit.
Started and managed 4 or 5 other claiming partnerships along the way. All did well for a while with the horses paying their way, which meant the partners didn't have to dig in their pockets to pay bills - and they were very happy about that. Won about 40 races along the way and had the time of my life. I got more of a charge out of hunting horses to claim than actually winning. The big challenge was trying to take something from somone without getting smacked. Combination poker and chess game when you play the claiming game. Most of my claiming went on in MD so I had to dig in against Lake, Gill, Robert Cole, and a cast of other sharp claiming guys. I always felt if I could claim a horse and end up winning an allowance race with it, then to me that was like winning a stake race.
In the end with claiming, if you walk a fine line financially and don't have much $$ room for error, it only takes one bad horse to kill your business. All but one of my partnerships were never capitalized above $30k, so when you claim a cripple and have to give it away, and then the partners don't want to pony up to raise capital or pay bills if you spend the reserve to buy another horse, you have to fold.
My advice for a new owner is to find a way to get in cheap while learning the game and the people, especially if you are going to claim. Join a partnership and take every advantage to meet trainers, jockeys, jock agents, grooms, etc. The more people you know on the backstretch, the more information you have access to. Gain experience without spending a bunch of money.
I'd also recommend that you organize your business and run it as a business. I always formed LLC's for my stables so as to protect my partners, and my, personal assets. I also bought liability insurance for my LLCs just in case something stupid happened - nothing like an added layer of protection. Keep good business records and stay organized. Find a good CPA to do your taxes.
And have fun!!!!!
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