Who is an owner? What's your story?

As an aspiring owner, I'm interested in hearing stories of other owners.
How did you get into ownership?
What do you find most rewarding?
How do you manage the risk?
What advice do you have for new owners?

If you don't want to post....feel free to send me a PM!

Thanks!

[2Hot4TV]

I have not owned any racers since 1990 and I must say that going to the winners circle and the people you meet are the biggist thrill for me.

If you own a part or are the sole owner the thrill is the same, but the bills are easier to share with a good group of partners.

The first horse we started was a wire to wire special wt maiden winner at Fairplex when it was a 1/2 mile track and she payed 17.60 with Kenny Black in the saddle.

That's so cool! Thanks for sharing!

I BET it's a total rush to find yourself in the winner's circle!

Were you a sole owner or a partner? I am thinking about starting a partnership. Did you own just the one horse?

[phystech]

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!!!!!

[ARyan]

I joined Renpher Stable a few years ago, and have loved it! You learn a lot without having to break the bank, and have a ton of fun. Bob O is a great guy.

My advice about joining a partnership, is just do some research on them, there are many out there. Make sure you join one that is right for you.

[AeWingnut]

I have heard plenty of bad things about horse ownership but always wanted to do it. Steve set up Dee Tee stables and I jumped.

We have yet to visit the winner's circle but it has been a thrill.

I recommend it.

Originally Posted by ARyan

I joined Renpher Stable a few years ago, and have loved it! You learn a lot without having to break the bank, and have a ton of fun. Bob O is a great guy.

My advice about joining a partnership, is just do some research on them, there are many out there. Make sure you join one that is right for you.

Thanks!!! What kind of research would you recommend?

How many horses does your partnership own now? Are you guys buying claim horses or others?

Originally Posted by phystech

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.

This sounds like a really good way to start out! Did you know much about the sport prior to that first partnership? How did you find a partnership with 50 ppl in it? That seems like a lot of people!

I imagine that it's a great way to learn a lot in a short period of time. Did you always live near the horses you owned? Part of my hesitation here is it seems many of the partnership are in the KY area or in NY. Probably I'm not looking in the right places, because it seems there should be quite a few opportunities in So Cal, as well.

Thanks so much for the response!

[phystech]

Originally Posted by DropofHope

This sounds like a really good way to start out! Did you know much about the sport prior to that first partnership?

I knew just enough to be able to make somewhat reasonable judgements about my involvement. And yet, once I got in, I realized I didn't know as much as I thought I did. I grew up going to the track with my father, as he was a big fan of racing. I was introduced to the backstretch by my high school friends who's father was a big name trainer in MD, at the time. Both friends have gone on to be very successful trainers in their own right.

Originally Posted by DropofHope

How did you find a partnership with 50 ppl in it? That seems like a lot of people!

Through an internet newsgroup. Indeed it was a lot of people - and there's good and bad about that. We were all very new, if not completely new, to the ownership portion of racing. It was trying at times but it was quite a learning experience. I could afford to lose $400 so I took the chance. Had it been a $1k or more buy-in at the time, I probably wouldn't have done it.

Originally Posted by DropofHope

Did you always live near the horses you owned? Part of my hesitation here is it seems many of the partnership are in the KY area or in NY. Probably I'm not looking in the right places, because it seems there should be quite a few opportunities in So Cal, as well.

The first partnership was based in MD so, yes, I was near the horse and was able to go to all of the races. Lots to be said for that. And yet, even though I still live in MD, I joined KY based DT Stable because it's easy enough to fly to most of the tracks we might run at. Southwest makes it affordable.....

[Storm Cadet]

Joined West Point TB in 2002 in 2 partnerships. Didn't know crap (still don't) about breeding and buying. Chose from a catalog...Storm Cadet because we are Red Storm at St Johns and Erinsouthernman because my daughters name is Erin. Go figure!

Storm Cadet, trained by Gary Contessa, ran late Aug. his initial race with Pat Day aboard at Saratoga and wins going away vs NY breds. I can't even remember the walk to the winners circle. MY first win as an owner. Big party post race in clubhouse with all the partners. Great experience I'll never forget. WPTB chooses to race him 3 weeks later at Grade 1 Hopeful Stakes. Going against Zavata, Sky Mesa, Roaring Fever, Rights Reserved and Pretty Wild. I remember driving to Saratoga by myself that day from Long Island. Got to Sar and didn't know what entrance to go in so trainer Pat Biancone saw me fumbling around and he took me in to owners boxes. Going up the escalator he asked me what race I had a horse in and I told him, and he had the race fav Zavata the #1 ranked 2yo Juvenile. He was very kind to me and wished me good luck! Big underdogs in a race won by Sky Mesa..but heck it was great to race in a Grade 1 and be in the Saratoga paddock that day with national TV audience and meeting Jeanine Edwards and all the ESPN racing crew.

Disappointed on that days outcome, many of the West Point owners met back at Sar that evening under the stars for beers and lick our wounds. Terry Finley took me aside and told me to cheer up as my next colt was racing the very next day and he was expecting a huge effort.

Well, Erinsouthernman, trained by Rick Violette, runs a great race in open 2yo race. 8-1 ML turns into a 2-1 fav at 1st click on tote! The word got out...clockers spread the news on him. He runs away from the field in a 7f race. Now I've got 2 winners out of 2 in their maiden race and BOTH at Saratoga. YES, I did now realize how fortunate I was. Left VERY HUMBLED with tears in my eyes from Sar.

Next out was Storm Cadet running in the Bongard Stakes at Belmont. We are race favorite, but who is entered against us. Some NY Bred-Funny Cide. Well, he crushes everybody that day and that race really set FC off on a great career!

Erinsouthernman's next race was Grade 1 Champagne Stakes at Belmont. We took third against Toccet and Ice cold beer at Reds. 3rd in a $500,000 race. Now we've got some black type here!

1 month later I'm at work and I get the phone call every owner dreads...all the person on the phone says is Storm Cadet had a training accident and had to be put down. He's crying and now so am I. You talk about the highs and lows of racing. That hit me hard and it lasted for months. We had him insured big but the check we got felt shi-ty to cash. Man I loved that big colt. He had sooo much potential all the trainers at Belmont said.

Now my hope is Erin. Late Dec DRF has Erin as the 6th ranked 2 yo with a great shot in the 2003 Derby. I get a call in early Jan that a large outfit was making a bid for Erin because all of their 2yo's had crapped out and they had no derby hopefuls. They offered us 7 figs for him. I was the only owner who voted no, so we agreed on retaining 25% ownership and selling the rest to Kentucky outfit for $650,000.

Needless to say, they trained too him hard, ran him into the ground too early in his 3yo training season & never ran in any triple crown races or Graded stakes company again, and won 2-3 times at Churchill and Turfway in allowance company. He was finally claimed away and ended his career racing at Asinoboia in Canada!

Took a year off from ownership and in 2004 joined a smaller NY partnership who I was also very successful with with 2 claimers. One gelding who we claimed for 30 ended up making more than 200G in 2 1/2 years (2005 ran 11 times and was 6 wins 3 places and 2 shows), another filly we claimed for 35 and also made more than 200G including several non graded stakes wins and ITM placings at NYRA tracks.

I left the partnership last year after having a disagreement with their management and what constituted legitimate fees and expenses for managing partner from our owners purse share winnings. That experience really soured me on the ownership part of racing. I've stayed out as an owner this year, keeping only a small piece of a colt who just took 3rd at Colonial last week!

Originally Posted by Storm Cadet

1 month later I'm at work and I get the phone call every owner dreads...all the person on the phone says is Storm Cadet had a training accident and had to be put down. He's crying and now so am I. You talk about the highs and lows of racing. That hit me hard and it lasted for months. We had him insured big but the check we got felt shi-ty to cash. Man I loved that big colt. He had sooo much potential all the trainers at Belmont said.

Wow! Your story perfectly illustrates the ups and downs of ownership...in a few short paragraphs!

You bring up a very big dread of mine - what if the horse has to be put down. How heart-wrenching!

It seems having a love for the animals themselves is both a blessing and a curse in this....is that accurate?

Good luck going forward! I'm totally impressed with your ability to roll with all of it!

[philcski]

Originally Posted by Storm Cadet

Joined West Point TB in 2002 in 2 partnerships. Didn't know crap (still don't) about breeding and buying. Chose from a catalog...Storm Cadet because we are Red Storm at St Johns and Erinsouthernman because my daughters name is Erin. Go figure!

Storm Cadet, trained by Gary Contessa, ran late Aug. his initial race with Pat Day aboard at Saratoga and wins going away vs NY breds. I can't even remember the walk to the winners circle. MY first win as an owner. Big party post race in clubhouse with all the partners. Great experience I'll never forget. WPTB chooses to race him 3 weeks later at Grade 1 Hopeful Stakes. Going against Zavata, Sky Mesa, Roaring Fever, Rights Reserved and Pretty Wild. I remember driving to Saratoga by myself that day from Long Island. Got to Sar and didn't know what entrance to go in so trainer Pat Biancone saw me fumbling around and he took me in to owners boxes. Going up the escalator he asked me what race I had a horse in and I told him, and he had the race fav Zavata the #1 ranked 2yo Juvenile. He was very kind to me and wished me good luck! Big underdogs in a race won by Sky Mesa..but heck it was great to race in a Grade 1 and be in the Saratoga paddock that day with national TV audience and meeting Jeanine Edwards and all the ESPN racing crew.

Disappointed on that days outcome, many of the West Point owners met back at Sar that evening under the stars for beers and lick our wounds. Terry Finley took me aside and told me to cheer up as my next colt was racing the very next day and he was expecting a huge effort.

Well, Erinsouthernman, trained by Rick Violette, runs a great race in open 2yo race. 8-1 ML turns into a 2-1 fav at 1st click on tote! The word got out...clockers spread the news on him. He runs away from the field in a 7f race. Now I've got 2 winners out of 2 in their maiden race and BOTH at Saratoga. YES, I did now realize how fortunate I was. Left VERY HUMBLED with tears in my eyes from Sar.

Next out was Storm Cadet running in the Bongard Stakes at Belmont. We are race favorite, but who is entered against us. Some NY Bred-Funny Cide. Well, he crushes everybody that day and that race really set FC off on a great career!

Erinsouthernman's next race was Grade 1 Champagne Stakes at Belmont. We took third against Toccet and Ice cold beer at Reds. 3rd in a $500,000 race. Now we've got some black type here!

1 month later I'm at work and I get the phone call every owner dreads...all the person on the phone says is Storm Cadet had a training accident and had to be put down. He's crying and now so am I. You talk about the highs and lows of racing. That hit me hard and it lasted for months. We had him insured big but the check we got felt shi-ty to cash. Man I loved that big colt. He had sooo much potential all the trainers at Belmont said.

Now my hope is Erin. Late Dec DRF has Erin as the 6th ranked 2 yo with a great shot in the 2003 Derby. I get a call in early Jan that a large outfit was making a bid for Erin because all of their 2yo's had crapped out and they had no derby hopefuls. They offered us 7 figs for him. I was the only owner who voted no, so we agreed on retaining 25% ownership and selling the rest to Kentucky outfit for $650,000.

Needless to say, they trained too him hard, ran him into the ground too early in his 3yo training season & never ran in any triple crown races or Graded stakes company again, and won 2-3 times at Churchill and Turfway in allowance company. He was finally claimed away and ended his career racing at Asinoboia in Canada!

Took a year off from ownership and in 2004 joined a smaller NY partnership who I was also very successful with with 2 claimers. One gelding who we claimed for 30 ended up making more than 200G in 2 1/2 years (2005 ran 11 times and was 6 wins 3 places and 2 shows), another filly we claimed for 35 and also made more than 200G including several non graded stakes wins and ITM placings at NYRA tracks.

I left the partnership last year after having a disagreement with their management and what constituted legitimate fees and expenses for managing partner from our owners purse share winnings. That experience really soured me on the ownership part of racing. I've stayed out as an owner this year, keeping only a small piece of a colt who just took 3rd at Colonial last week!

I was wondering why you used the name Storm Cadet, because I remember his debut. Didn't know what happened to him after the Bongard, though. Sorry to hear that.

Your story with Erinsouthernman is more positive, however. I'm a firm believer in ALWAYS selling if you have the opportunity. I remember when he was running in '04, I think it was Wood Day '04, they dropped him from 50k to 15k and I was like "this horse is done, I remember when he was in the Champagne". Sure enough he was off the board at 8-5.

[Storm Cadet]

Originally Posted by philcski

I was wondering why you used the name Storm Cadet, because I remember his debut. Didn't know what happened to him after the Bongard, though. Sorry to hear that.

Your story with Erinsouthernman is more positive, however. I'm a firm believer in ALWAYS selling if you have the opportunity. I remember when he was running in '04, I think it was Wood Day '04, they dropped him from 50k to 15k and I was like "this horse is done, I remember when he was in the Champagne". Sure enough he was off the board at 8-5.

I think after the Champagne, he never race at Belmont again. I know he never raced at the Big A. He raced for Elliott Walden in KY for 2-3 years and made 1 follow up race at Saratoga. I remember what an idiot Walden was making a statement to us owners saying that Erin hated the Sar surface. The dumb ass must have never known Erin won his maiden race by many lengths on the same Sar track the previous year.

[Storm Cadet]

Originally Posted by philcski

I was wondering why you used the name Storm Cadet, because I remember his debut. Didn't know what happened to him after the Bongard, though. Sorry to hear that.

.

My avatar is Storm Cadet winning his maiden at SAR!

[mark2061mn]

Originally Posted by Storm Cadet

Joined West Point TB in 2002 in 2 partnerships. Didn't know crap (still don't) about breeding and buying. Chose from a catalog...Storm Cadet because we are Red Storm at St Johns and Erinsouthernman because my daughters name is Erin. Go figure!

Storm Cadet, trained by Gary Contessa, ran late Aug. his initial race with Pat Day aboard at Saratoga and wins going away vs NY breds. I can't even remember the walk to the winners circle. MY first win as an owner. Big party post race in clubhouse with all the partners. Great experience I'll never forget. WPTB chooses to race him 3 weeks later at Grade 1 Hopeful Stakes. Going against Zavata, Sky Mesa, Roaring Fever, Rights Reserved and Pretty Wild. I remember driving to Saratoga by myself that day from Long Island. Got to Sar and didn't know what entrance to go in so trainer Pat Biancone saw me fumbling around and he took me in to owners boxes. Going up the escalator he asked me what race I had a horse in and I told him, and he had the race fav Zavata the #1 ranked 2yo Juvenile. He was very kind to me and wished me good luck! Big underdogs in a race won by Sky Mesa..but heck it was great to race in a Grade 1 and be in the Saratoga paddock that day with national TV audience and meeting Jeanine Edwards and all the ESPN racing crew.

Disappointed on that days outcome, many of the West Point owners met back at Sar that evening under the stars for beers and lick our wounds. Terry Finley took me aside and told me to cheer up as my next colt was racing the very next day and he was expecting a huge effort.

Well, Erinsouthernman, trained by Rick Violette, runs a great race in open 2yo race. 8-1 ML turns into a 2-1 fav at 1st click on tote! The word got out...clockers spread the news on him. He runs away from the field in a 7f race. Now I've got 2 winners out of 2 in their maiden race and BOTH at Saratoga. YES, I did now realize how fortunate I was. Left VERY HUMBLED with tears in my eyes from Sar.

Next out was Storm Cadet running in the Bongard Stakes at Belmont. We are race favorite, but who is entered against us. Some NY Bred-Funny Cide. Well, he crushes everybody that day and that race really set FC off on a great career!

Erinsouthernman's next race was Grade 1 Champagne Stakes at Belmont. We took third against Toccet and Ice cold beer at Reds. 3rd in a $500,000 race. Now we've got some black type here!

1 month later I'm at work and I get the phone call every owner dreads...all the person on the phone says is Storm Cadet had a training accident and had to be put down. He's crying and now so am I. You talk about the highs and lows of racing. That hit me hard and it lasted for months. We had him insured big but the check we got felt shi-ty to cash. Man I loved that big colt. He had sooo much potential all the trainers at Belmont said.

Now my hope is Erin. Late Dec DRF has Erin as the 6th ranked 2 yo with a great shot in the 2003 Derby. I get a call in early Jan that a large outfit was making a bid for Erin because all of their 2yo's had crapped out and they had no derby hopefuls. They offered us 7 figs for him. I was the only owner who voted no, so we agreed on retaining 25% ownership and selling the rest to Kentucky outfit for $650,000.

Needless to say, they trained too him hard, ran him into the ground too early in his 3yo training season & never ran in any triple crown races or Graded stakes company again, and won 2-3 times at Churchill and Turfway in allowance company. He was finally claimed away and ended his career racing at Asinoboia in Canada!

Took a year off from ownership and in 2004 joined a smaller NY partnership who I was also very successful with with 2 claimers. One gelding who we claimed for 30 ended up making more than 200G in 2 1/2 years (2005 ran 11 times and was 6 wins 3 places and 2 shows), another filly we claimed for 35 and also made more than 200G including several non graded stakes wins and ITM placings at NYRA tracks.

I left the partnership last year after having a disagreement with their management and what constituted legitimate fees and expenses for managing partner from our owners purse share winnings. That experience really soured me on the ownership part of racing. I've stayed out as an owner this year, keeping only a small piece of a colt who just took 3rd at Colonial last week!

The partnership wasn't CVF by any chance, was it?? I used to be in that partnership and it was very shady.

[Storm Cadet]

Originally Posted by mark2061mn

The partnership wasn't CVF by any chance, was it?? I used to be in that partnership and it was very shady.

Bingo....you guessed right!

[2Hot4TV]

Originally Posted by DropofHope

That's so cool! Thanks for sharing!

I BET it's a total rush to find yourself in the winner's circle!

Were you a sole owner or a partner? I am thinking about starting a partnership. Did you own just the one horse?

A partnership with 4 other friends. We had a total of 6 horses in 4 years with11 trips to the winners circle. I would do it again in a heart beat with the right group.

Originally Posted by 2Hot4TV

A partnership with 4 other friends. We had a total of 6 horses in 4 years with11 trips to the winners circle. I would do it again in a heart beat with the right group.

WOW! Are you a great judge of winning horses or lucky? or both? If you don't mind me asking - how substantial of an investment did it require from each partner? If you do mind....I totally understand!!!

My other question is - how did it come to pass that you had 4 friends who were also involved in racing?

[Mortimer]

Originally Posted by DropofHope

WOW! Are you a great judge of winning horses or lucky? or both? If you don't mind me asking - how substantial of an investment did it require from each partner? If you do mind....I totally understand!!!

My other question is - how did it come to pass that you had 4 friends who were also involved in racing?

OOOOOOOOOO

[2Hot4TV]

Originally Posted by DropofHope

WOW! Are you a great judge of winning horses or lucky? or both? If you don't mind me asking - how substantial of an investment did it require from each partner? If you do mind....I totally understand!!!

My other question is - how did it come to pass that you had 4 friends who were also involved in racing?

When it comes to picking the horses the credit went to our trainer ( family friend ) and no matter how good you are at finding the horse it take alot of luck to just get to the races, much less win one.

We bought our first filly from a 2 yo in training sell at Hollywood Park in 86. A tiny little filly with obscure breeding and she sold for $4000. 7 months latter we started her at Fairplex Park and she went wire to wire for our first win. Training cost at the time were about $2000 a month, but that has gone up in 20 years.

The partners all worked together , played the horses and could use a write off on our taxes. We were real lucky to come out of the venture without losing alot of money and had great time.