How to Follow Your Dream to Own a Racehorse

Posted on January 24, 2009 @ 2:21 am
by C. Anne Baker

Did you ever think about joining a thoroughbred horseracing partnership? If so, you may have wondered how to begin, what the costs are, where the horse comes from, where it should be raced, and other aspects of the horseracing industry. Horseracing is so involved that there is a lot to consider before investing in a horseracing partnership.

If you really want to join a partnership, you first need to learn about the industry. Consult with those who are involved in the industry such as horse trainers, horseracing partners, owners, veterinarians, investment advisers, and any others who are involved in horseracing.

Ask these people specific questions to get a better picture of how racehorse ownership works. If it?s possible for you to attend a lot of racing events, this is also helpful. You need to be involved and close to the races in order to learn. Many racetracks have seminars that are for potential owners to learn more about the industry. Check with your local track to see if it has such seminars.

A few questions to ask those in the industry:

* What is the cost for the average racehorse?

* What is the initial investment needed to secure ownership?

* What are the recurring charges associated with owning a racehorse and how often are they payable?

* What is the ideal way to buy a thoroughbred racehorse?

* Where are the best race tracks?

* What risks will you assume as an owner?

* When can I see a return on the initial investment?

* What is a horseracing partnership or a syndicate?

* What benefits can I expect as a member of a horseracing partnership or syndicate?

* To join, will I need to be a licensed owner?

* What are the tax implications of owning a racehorse?

After speaking with industry professionals, you can better assess your financial position and set goals and expectations for your investment. If you feel costs are too high to tackle alone or if you just want to play it safe your first time around, horse racing partnerships and syndicates will give you both a more affordable and less risky means of ownership.

As you investigate horseracing ownership, it?s important to do so objectively and with expert advisors to help. But, don?t settle for anything less than your own investment goals. Thoroughbred horseracing is an exciting ride, and it should be an enjoyable one as well.

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