I have owned horses for about 30 years and I still enjoy it.
Storm Cadet has pointed out a number of good points especially about commercial partnerships. I had a friend that worked for one and he said almost all bills they presented to the partners had a 10% markup. So when you get the transportation bill or the shoeing bill etc it may be marked up.
As for the sales, people should go to jail for what “some” of the partnerships do. I have seen cases where they buy a horse hours before the sale but still send it through the ring and bid it way up over value and then use that price to set up the partnership. Some trainers are known to do the same thing.
So as always “buyer beware”.
I would suggest starting out in a small local partnership. Find an honest trainer at a track near you. Ask people you know in racing a lot of questions about everything. Don’t invest too much until you get your feet wet and know the business a little.
Early on I went through a number of questionable trainers. I was lucky, about 25 years ago I met a trainer who right off I knew cared about horses and people. We became friends and have been partners for over 20 years.
Every owner I know will tell you the mistakes he/she has made. Don’t go into it thinking you are going to make money and work with someone who will keep you out of trouble with the IRS rules.
Horseracing has very many highs and very many lows. I have read in this thread about people winning races and how great it is. You should also be aware of the lows, i.e. when you are standing there with a group of friends and your horse come in last.
That being said there is nothing better than to see your horse cross the finish line first.
It doesn’t matter if it is a $5000 claimer or the Gold Cup.
I would highly recommend getting into the business. I have met many interesting people and have made a lot of friends. It is a great experience.
Just as I said earlier though “Caveat emptor”
Joe
|