Buying my 2nd racehorse(harness) later this month.

Iceman · Apr 2, 2006

After looking at more options in life to invest at (sports is my top thing), decided on doing something that is not only fun but somewhat a bigger gamble and will purchase my 2nd harness horse in less than a year (other is still getting in shape and young and will qualify later this month)

Have any of you guys got in to the ponies as a investment idea. I 100% beleive their are many small rate investment oppurtunites for peple out there but you must be first extremly passionate about whatever you choose to pursue. I am hoping to net 5k this year off a 5k claimer. I have a buddy who trains and will go partners with me. I pay $300 a month which pretty much covers stall, feed,etc.. (great price) and we split pursue money.

Bought 3 programs and will start the research process this week and hope to have this narrowed down in a few weeks or so. Just seems alot more intersesting than investing in the stock market (been there down that). Find something you know about and have passion for and try to turn into an addtional stream of income. That advice is something someone told me a few years ago and I try to live by it every day (Job,betting sports and now hopefully this)

Anyone ever attempt anything like this? I know the industry has a bad reputation but not trying to make a killing, just a few grand this year with something I enjoy.

Fishhead · Apr 2, 2006

Very cool........love harness racing.

3-1 over other forms of racing(thoro, quarter, and dogs)

Iceman · Apr 2, 2006

I don't have any kids but I once read a poster on this site saying when your horse wins at is close to an equal proud moment a parent enjoys. Just love competiton and now that I quit the 4 day a week highly competeive softball team this will hopefully replace it. Alot of naysayers out there I am hoping to prove wrong

Iceman · Apr 2, 2006

Fishhead said:
Very cool........love harness racing.

3-1 over other forms of racing(thoro, quarter, and dogs)

I think it is a mid-west thing. Growing up in Michigan didn't see many throughbreds.

michael777 · Apr 2, 2006

i owned a few harness horses in the 80's,had a few good ones,and a couple of cripples,very tough to make money with cheap claimers,but i wish you the best of luck

Labeeb · Apr 2, 2006

I wouldn't tell you to not own horses as a hobby. I would tell you to not own horses as an additional stream of income. If you look at the numbers, the majority (I'm going to guesstimate at 85%) of owners do not show a profit, at least in the thoroughbred world. Perhaps the harness world is different, but I doubt it when you look at the paltry purses most run for with the exception of the Big M and the slots pumped purses in Canada. There are some tax benefits.

JudgeWapner · Apr 2, 2006

Very small percentage make money in horse racing. Good luck though.

t3a · Apr 2, 2006

ice man said:
I don't have any kids but I once read a poster on this site saying when your horse wins at is close to an equal proud moment a parent enjoys.

haha I would have agreed with you before I had kids, but there is no comparison. I was partners on some cheap thoroughbreds before I had a kid though, and I can say it is a great feeling when "your" horse comes charging down the stretch and wins and you are running down to the winner's circle to get your pic taken. Especially if you had a nice wager on it. I can't imagine these groups who you see winning million dollar races, that must be insane to see your horse win something like that

But I agree with the opinions that is is not really something to be looked at as an investment especially with cheap horses, and harness purses are pretty small for those cheap claimers. At least you have a buddy to train so that will keep your bills manageable. Good luck though it is a fun hobby

Iceman · Apr 2, 2006

Labeeb said:
I wouldn't tell you to not own horses as a hobby. I would tell you to not own horses as an additional stream of income. If you look at the numbers, the majority (I'm going to guesstimate at 85%) of owners do not show a profit, at least in the thoroughbred world. Perhaps the harness world is different, but I doubt it when you look at the paltry purses most run for with the exception of the Big M and the slots pumped purses in Canada. There are some tax benefits.

I agree with what you are saying but I will only have the bills of stall, feed, etc.. That is only $3,600 a year and with $1,500 put aside for other emergencies than 5k is my budget. He will train for FREE. He currently owns 2 horses and wants to do thsi full time and split the purse money with me. If it was any other way I would not do this.

Here is the hope: Horse wins 18k in purse money which I split with trainer (9k for me). Bills around 4k for year and driver wages for purses at 1k leaves me 9k-5k=4k. Hell I only made 1k off a 10k mutual fund last year(just an example). Its a big gamble but that is who I am.

Kiss1 · Apr 2, 2006

I have a picture of my Dad in the winners circle after his first Harness race winner at Saratoga.

I've never seen him happier.

Labeeb · Apr 2, 2006

So when the horse is medicated, either for a race or not, your friend is going to absorb that cost? What about additional vet costs or costs associated with laying up the horse if necessary? Is he going to eat those as well?

Iceman · Apr 2, 2006

Labeeb said:
So when the horse is medicated, either for a race or not, your friend is going to absorb that cost? What about additional vet costs or costs associated with laying up the horse if necessary? Is he going to eat those as well?

I put aside $1,500 extra for it. Like anything in life (financially) I have a budget.

Labeeb · Apr 2, 2006

I would check with your friend as to how much your medications will run you. At a minimum I would assume you're looking at lasix, a good bit of bute, some equipoise and perhaps something like Kentucky Red. If it's anything like thoroughbreds, you're going to incur some costs before and after races. Given how often harness horses run, those costs are going to add up quickly. Just something to think about when constructing your slush fund amount.

ChuckSims · Apr 2, 2006

Hey ice man, I owned a harness race horse awhile back.
Where are you racing your horse?

Iceman · Apr 2, 2006

I currently own 1 and she will be qualifying at Hazel Park (Mich). Am currently research 3 tracks (Windsor, Northville and Raceway park) for a 5 claimer.
What type of expiernce did you have from owning? I am in it for fun and a little bit of money

Dante · Apr 2, 2006

Judge Wapner said:
Very small percentage make money in horse racing. Good luck though.

this is what I was told also and beleive....you will be lucky to get your money back or even get in the money in a race

but best of luck

at least you have a gluepot if not:toast:

ChuckSims · Apr 2, 2006

It was short as I claimed a horse for $5,000 and 6 days later the previous owner claimed him back for $6,000. It was fun. I also quickly found out how crooked "B" track harness racing is.

What kind of purse money will be your horse running in?

dickiesmiles · Apr 2, 2006

owned horses and more.....

I love the horses....used to live near Roosevelt Raceway...I owned and raced horses at Meadowlands, Yonkers.Roosey etc etc....I had a horse race at Saratoga Hraness for 250k..finithed 4th....Tried to qualify for Woodrow Wilson @ Meadowlands 1.9 Million purse...didnt qualify....Won lots of races at YR ,RR.....Bought my first horse at an auction at Liberty Bell track in Pa.....Won his first race at Monticello Raceway in 1975...His name was Less Tired.......I owned Gold Spike, Save the Seals, Furcoatsrbadluck, Hill Valley Don, Sugar Valle Abbe, Bionic Byrd.Racing Marvel,Walklikeanegyptian,Girlsjuswannahavfun,Chaw,Jersey Sweet Corn,Silver Miles,Beau JamesN..and many others. Many of these I bred....Great sport...you will have alot of fun....I wish you good luck with your first horse.........PS..I used to groom horses myself.....take them to the paddock and warm them up....

Iceman · Apr 2, 2006

around 3-4k a race. Winners get 50%. Hopefully it can move up in class and compete for a little more. Trying to find a diamond in the rough

ChuckSims · Apr 2, 2006

Good luck ice man. Its a lot of fun. Make sure the people you work with are trustworthy. "B" tracks are notorious for hank panky.

Buying my 2nd racehorse(harness) later this month.

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