They say owning horses is the fastest way to turn a large fortune into a small fortune.
I've never had any interest in owning horses. Those things eat every day, and we've all heard them say your friend can eat like a horse. Plus you have to pay a trainer, medicate them, float their teeth, trim their hooves, hire exercise riders, etc etc etc.
But, for those that do, like you say it's a great write-off.
Never had a fetish with old cars, but man, do I know some guys who do! If you like to fix them up it's just a labor of love.
In 1972 I bought a '69 Dodge Charger 440 Magnum for $ 1,500.00. Got about 9 mpg when gas was skyrocketing to a buck a gallon.
In about '75 I sold it to a neighbor cause I couldn't get the damn thing running. Sold it for $ 600.00. About 30 minutes later he fires it up and goes roaring down the street. LOL
As long as you enjoy it and it doesn't affect your family finances, I say go have some fun man!
Horseracing is not for everyone. I totally get it.
I owned a Standardbred racing Syndicate for 19 years, it was a labor of love and one of the most frustrating but yet exhilarating things I have ever done!
I started in late ‘95 with 3 friends, we bought a few Horses, sold shares to investors and whatever we did not sell, we kept. It was called Stake Your Claim Stable, raced in NJ, NY, PA, KY and Canada.
I had a hotline that investors called into, got a new update everyday on what Track, date, purse, post the Horse was in that week, we had a full gammit of horses, claimers , conditioned races, Yearlings, 2 and 3 year olds as we grew the business. I loved going to the yearling sales, that was exciting, picking out your next potential champion. Our Horses were stabled in the jurisdictions I mentioned above.
As we grew, we developed a website, started to get more investors and after a few years grew the Stable to more than 60 Horses; however, this is Not a sport for the weak hearted, disappointment happens more than exhilaration! I learned so many things, cheating trainers and vets, bad owners, bad posts, a thrown shoe, a Horse you had in a good spot getting a bad drive, bumped into, scoping sick after a race, it’s brutal!
To keep things transparent, we made copies of every invoice, shoeing, shipping, stakes payments, Trainer fees, vet fees, etc. I would then put the packets together of hard copies with their respective check for their winning s for the month, if there was one and sent to the individual investors.
I have seen our Horses be in Breeders Crown races, 2 and 3 year old finals, winning some but losing a lot more than winning, a very tough pill to swallow but when you win, there’s nothing like it, especially a stakes race.
We never pocketed the money, we were sick bastards and just bought more Horses with those winnings, having 7-10 Horses race per week at the different tracks was like a drug, could never get enough action, it was great!
We sold the business in 2016 after having been involved in over 9,000 races and over 1,000 wins, it was time, after I did the tally, I lost $65k over the 19 years but it was worth it, felt competitive again, the anticipation of seeing your Horse race, there is nothing like it!