Who is an owner? What's your story?

Originally Posted by 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.

I just learned about the Dee Tee partnership - how did you guys work it out? How many people are involved?

[Mortimer]

Originally Posted by DropofHope

I just learned about the Dee Tee partnership - how did you guys work it out? How many people are involved?

How about you,sir?

[Kasept]

Originally Posted by DropofHope

I just learned about the Dee Tee partnership - how did you guys work it out? How many people are involved?

We got 60 people that each threw in $500. Only charge. No other billings. Chuck Simon handles the day rate in exchange for 50% of any earnings. We bought a 3yo filly at the February F-T Mixed sale. Chuck worked with her for 75 days and we've have had some success with her and a lot of fun as many first time owners get a feel for what it's all about.

[geeker2]

Steve..any thought of doing another one? I could cash out of JJ's Post Time Racing Stables...and buy everyone a coffee LOL...

[Kasept]

Originally Posted by geeker2

Steve..any thought of doing another one? I could cash out of JJ's Post Time Racing Stables...and buy everyone a coffee LOL...

We will likely do another.. Granted we might not get as remotely lucky as we have with Sumwon, (ever again), but it's been tremendous fun for all involved.

[ELA]

I've been in the game my entire adult life. I love the sport as a fan, and as a bettor, and I love the business -- but I treat it like a business; like everything I am involved in (my own business, private equity deals, investments, real estate, etc.).

I consider myself an ambassador of this incredible sport and business. As a result, I've brought countless #'s of people into this business. Whenever I go to the track, I invite friends, associates, etc. The best advice you can get is the best advice I got from successful owners who I became friends with. Get a mentor. Speak with successful owners, get to know them, learn from them. Pick a trainer who has demonstrated -- consistantly -- that he/she can win races. They place their horses in the right spots, they play the game aggressively (meaning they place their horses in winning spots). I have always picked trainers who win races. Aside from the external, extraneous, ancillary, and hyperbole reasoning, justifications and excuses -- high % trainers are high % trainers for a reason. That doesn't mean that I only use leading trainers, but it happens to work out that way rather often. Meet with several trainers. Have successful owners introduce you. Everyone thinks their trainer is the best. Often people make emotional decisions and don't see the forest through the trees. Once you learn, you will know what trainers will "fit" for you. More importantly, you will be able to find some trainers who are the diamonds in the rough and who haven't reached their potential for very valid and understandable reasons.

Don't check your brains at the stable gate. Draw parallels to your own business and make economic, sound, quality decisions. Diversify and manage risk. Your first loss is your best loss. Learn everyday. Go to the barns when you can. Ask questions. Be inquisitive. Look to be on a constant and never ending quest for knowledge.

If 90% of the people in this business lose money . . . there is a great opportunity for the other 10%. All you have to do is figure out how to be part of the 10%.

Good luck and enjoy!

Eric

Originally Posted by ELA

I've been in the game my entire adult life. I love the sport as a fan, and as a bettor, and I love the business -- but I treat it like a business; like everything I am involved in (my own business, private equity deals, investments, real estate, etc.).

I consider myself an ambassador of this incredible sport and business. As a result, I've brought countless #'s of people into this business. Whenever I go to the track, I invite friends, associates, etc. The best advice you can get is the best advice I got from successful owners who I became friends with. Get a mentor. Speak with successful owners, get to know them, learn from them. Pick a trainer who has demonstrated -- consistantly -- that he/she can win races. They place their horses in the right spots, they play the game aggressively (meaning they place their horses in winning spots). I have always picked trainers who win races. Aside from the external, extraneous, ancillary, and hyperbole reasoning, justifications and excuses -- high % trainers are high % trainers for a reason. That doesn't mean that I only use leading trainers, but it happens to work out that way rather often. Meet with several trainers. Have successful owners introduce you. Everyone thinks their trainer is the best. Often people make emotional decisions and don't see the forest through the trees. Once you learn, you will know what trainers will "fit" for you. More importantly, you will be able to find some trainers who are the diamonds in the rough and who haven't reached their potential for very valid and understandable reasons.

Don't check your brains at the stable gate. Draw parallels to your own business and make economic, sound, quality decisions. Diversify and manage risk. Your first loss is your best loss. Learn everyday. Go to the barns when you can. Ask questions. Be inquisitive. Look to be on a constant and never ending quest for knowledge.

If 90% of the people in this business lose money . . . there is a great opportunity for the other 10%. All you have to do is figure out how to be part of the 10%.

Good luck and enjoy!

Eric

Eric - this is wonderful, sound advice! I'm going to print out your post and use it as a little guide to help me get started. Brilliant post. Thank you so much.

Kristi

[Mortimer]

Originally Posted by DropofHope

Eric - this is wonderful, sound advice! I'm going to print out your post and use it as a little guide to help me get started. Brilliant post. Thank you so much.

Kristi

rule-eng un ze flour!!






leff-eng may ess oaf!!!!

[Mortimer]

Kristi-Poo.




Why don't you tell us somethig about yourself dear?

[Storm Cadet]

Originally Posted by ELA

If 90% of the people in this business lose money . . . there is a great opportunity for the other 10%. All you have to do is figure out how to be part of the 10%.

Good luck and enjoy!

Eric

Great post... Eric...IMO out of that 90% I bet half of the people LOSE money because of unscrupulous management people who end up charging more for THEIR expenses than the horses and those 10% who make money are either single owners or are the management people themselves! That's why there are literally HUNDREDS of partnership companies that have popped up since 2000, because these people have learned the way to insulate themselves from losses, get paid up front by investors and what ever happens happens. There is one NY based outfit that charges a premium or additional 10% of the purse each time the horse goes over the 100G total purse winnings level. Another has the gaul to deduct from the a 10% fee of a claim which gets paid to the trainer! If they have a winning horse, they make more money in build in profit clauses of the purse in addition to their management fee. If the horse doesn't hit the board, owners are asked for cash calls! It's NO LOSE for these companies. We should start one up

Originally Posted by Kasept

We got 60 people that each threw in $500. Only charge. No other billings. Chuck Simon handles the day rate in exchange for 50% of any earnings. We bought a 3yo filly at the February F-T Mixed sale. Chuck worked with her for 75 days and we've have had some success with her and a lot of fun as many first time owners get a feel for what it's all about.

That sounds like a great set up! What do you all do with the other earnings? Are they distributed, set aside, put toward future purchases? If Chuck handles the day rate - does he also pay for the vet bills, etc?

Sixty owners sounds like a LOT! Is every owner able to watch workouts, attend races, etc?

[ShadowRoll]

Originally Posted by DropofHope

That sounds like a great set up! What do you all do with the other earnings? Are they distributed, set aside, put toward future purchases? If Chuck handles the day rate - does he also pay for the vet bills, etc?

Sixty owners sounds like a LOT! Is every owner able to watch workouts, attend races, etc?

Peppermints.

[Kasept]

Originally Posted by DropofHope

That sounds like a great set up! What do you all do with the other earnings? Are they distributed, set aside, put toward future purchases? If Chuck handles the day rate - does he also pay for the vet bills, etc?

Sixty owners sounds like a LOT! Is every owner able to watch workouts, attend races, etc?

Everyone gets the benefit of ownership, even being under 5%. What is earned would go towards another horse; pays for liability and replacement insurance; 'over and above' expense if the horse needs surgery/turnout/rehab, etc..