How to be a new owner

Question
Hi,

I live in Auburn, Washington (Emerald Downs), I've very high interest in horse racing.  I would like to start a new stable and hire a good trainer and a jockey, but don't know how to do so and how much capital would i need to start a new racing barn for regional races with 3 horses with a value of $8,000 per a horse.

I would like to know how much capital do i need to start a new barn?

How much expense are needed per a horse/per a year (training, medicine, food etc....)?

How do i find a good trainer/jockey?

What is the minimum total capital suggested?

I wanted to be a new owner, what advice will you give me?

Any helps from you or others are appreciated, Thanks

Mike

Answer
Dear Mike,
Great questions, already moving in the right direction.  Also look at TOBA.com, the non-profit national new owners association (or greatestgame.com) for more information.  
At Dapple, 20 year old Lexington Kentucky full service agency, we direct new owners toward partnerships due to high costs association with keeping horses in training.  National average to keep a racehorse in training, whether it be a $8000 horse or a $180,000 horse, is $35,000 to include training, all board, vet, farrier, and vanning.  Racing regionally is rewarding for some because it allows one to avoid major travel to see/experience their investments, so I would then suggest local partnership with a trainer as one of the partners.  
Rule number two:  don't put all your eggs in one basket, like you mentioned, put three horse in training with the odds that one of the them will pay the way for all three through his race earnings.  Minimum capital requirement is whatever it costs to buy three regional horses and train them for 1.5 years (scary amount of money) or instead find a local partnership and estimate your share of the bloodstock and expenses for 1.5 years.

Finding a trainer is important work, work you have to do all on your own if you do not join a partnership.  you need to isolate the geographical area and level at which you want to race, then read the DRF for trainer performance stats, and watch where they are racing their horses, then go hang out at the morning workouts and quietly watch them "at work" then pick three or so and request an interview" or a chance to meet and ask questions.  Select the one your gut tells you can ask all your bad questions to because you feel you can trust him/her.  Trust is key.
Try to attend seminars or network with other owners as often as possible before and after you begin to meet people you like and trust to learn more and gain further contacts.  Like many other ventures, it is about networking, which is really part of the fun.
You can visit our website or email with additional questions.  best wishes, Lora Brown
www.dapple.net