Has anyone heard of anything like this? A student of mine wants to buy a horse. She knows I recently lost my horse so I think she is trying to jump start my 'foray back into ownership...' She proposed that she will buy the horse, pay for board and other costs (to be determined). I will start/train the horse (we are thinking of a young horse) and help with incidental costs (to be determined). This is very much in the 'hey lets talk about this' stage... But has anyone ever heard of something like this working out? She obviously will be paying more money out of her pocket, and I will be bringing up baby so to speak... If we did something in writing it could work right? If not, the horse could be resold say in 6 months if it is a nightmare, or years down the road if it works out...
Thoughts please? Is this out of the question? My brain wheels are turning trying to make a pro and con list out of this situation.
Fly Teddy Fly!
RIP Reilly Go Bragh
Get your shoes on and make tracks! Your time is valuable and agree with slc2 that if she wants you to train the horse she needs to get out the checkbook and not dangle "shared ownership" in front of you.
Honestly, the other part of it is this person's mental well being. She just lost her horse. Getting attached to a horse and then having it sold out from under her wouldn't exactly continue the healing process.
I think the best thing a person can do when they lose their equine best friend is to go out and buy a horse - a horse that is completely and entirely unlike the horse that was lost - and a horse that needs them.
I did this with a woman who's home I boarded at once. It was a fun experience and worked out wonderfully.
We shared the purchase of the horse, I did groundwork and training, she used it for lessons and shows to get mileage on it. The arrangement was:
We determined a "board" value of the horse and "split" that cost, ie, the cost was recorded for the duration of the care of the horse and then settled upon its sale. Neither person was charged or compensated for "training" - that was on us, but it was assumed at least 4 rides a week per person.
All costs of items for the horse (tack, meds, vet, farrier) were kept track of, a log and receipts, and we either split the cost out of pocket (ie 50/50 on farrier) or "balanced" the purchases (ie, I bought a $50 girth, she bought $50 worth of suppys, etc).
We made an agreement before buying the horse, that our goal was to improve the horse and try to turn a profit or break even. We agreed to advertise the horse for sale by X date. If it didn't sell by so many days later, it was going to a local auction. Either person had the option of buying the other person out at any time for the sum of the other person's monitary investment (again, "training" and showing/miles had no $$ value to either person, so there was no arguments there).
The woman I did this with was a trusted friend and a relatively sane horseperson (as sane as horsepeople can be), she wasn't greedy or sneaky, and was always upfront. I never felt short changed in the arrangement. The only points of disagreement were certain small training issues (I think it should be done one way, she thinks another, etc), but we were always adult enough to work these things out.
What really made the arrangement work so well is that everything was agreed upon in advance, there were no surprises. Because we agreed upon a time frame, I knew what the total investment would be (barring an emergency) going in, and I knew what he'd cost me if I wanted to keep him, or I knew what I'd "loose" should he sell for less than we'd hoped. And we both got what we wanted out of the project, I got a fun training project to work on and school, she got a nice athletic horse to show and show off her students on.
The horse sold on schedule, we made a small profit, and the new owner got a bargain.
It was wonderful and I'd do it again - with the right person - in a heartbeat.
I currently half-own a horse. Put as much in writing as you can about all details. I've done this for 3 years and so far it's working out fine.
Also, another trainer at a barn I used to board at had an arrangement with a boarder like that. It was a very talented young horse that went on to a Grand Prix career and both the trainer and boarder were very happy with the results. When the horse finally got too old to do Grand Prix they sold the horse to someone who wanted a schoolmaster.
Just in case they didn't - I would back away slowly, spin, then bolt - one of my horses favorite tricks when confronted with sheep.... daily
A friend of mine took half shares in two horses (same half-owners for both). She is cautiously aiming for WEG and that sort of thing. All the contracts in the world have not stopped her from having her youngest of the two sold out from underneath her, and the other half share owner has threatened to sue her if anything happens to "their" GP horse. She LOVES that horse, and really wants to aim internationally. They basically said that anything from a sniffle, to a cut on her leg, whatever ails our horses despite our best efforts to prevent - and they will sue her for negligence. These people have the funds - she does not.
I have a VERY strict policy that I will never throw my leg over someone else's horse unless they are paying me to do it. It was something drilled into me from many top riders and having been burned before - I wholeheartedly agree.
Our National and HOY champ also had his two GP horses taken from underneath him - I'm not sure of the hows/whys, but phewwy I would not have been happy had it been me!
If you want to feel rich, just count all of the things you have that money can't buy.
I am on teh page that it can work out in very SPECIFIC circumstances. I had a half ownership situation similar to buck22. We bought a horse for cheap, shared all expenses and training hours, went into it with well-discussed aims, goals, and training techniques. We had a couple conflicts along the way, but all small enough that they could be handled through adult discussion and compromise. We sold the horse after a year and it ended well.
I think these work out for short term situations with horse people who know the other person's standpoint on training, expectations, goals, money investment amounts, etc.
Would I recommend the situation to everyone? ABSOLUTELY NOT, would I discourage it ever happening? No, it can be very beneficial in certain circumstances. Everything needs to be carefully written out!
The thing I find the most disturbing about this proposal is that the other person couched it in terms of 'helping' the OP. That roughly translates to 'RUN! RUN!!!!' That and the extremely vague terms.
If the person said, 'I am interested in buying a young horse and paying for it myself, and then splitting the board, vet and shoeing expenses 50-50 with you. I would ride the horse two days, and you would ride the horse 3 days a week. After four months, we would advertise and sell the horse. If the horse doesn't sell in four more months of this same arrangement, I could keep it at my mother's farm until it sells, but we'd end our arrangement at that point. Are you interested? We can put it in writing, it would be for eight months.' - THAT would be different.
This unspecified vague 'I'm here to help YOU' is what makes me want to run run run. ESPECIALLY in this market when green horses with a few months training and no showing are NOT SELLING FAST OR FOR GOOD PRICES.
A person who has lost their horse doesn't necessarily benefit from 'having something to ride'. Quite a few people want and need time away from horses after a loss. The suggestion sounds far more self serving than anything else.
I agree with this. Far too often what happens is that this type of situation ends up with one person falling in love with the horse (usually the person who has invested the least amount of money, for some reason) and getting the horse sold out from under them. Having just lost a horse increases this possibility. I used to buy and sell and did this type of deal a few times, usually with things laid out pretty well. But something ALWAYS went wrong. The horse wasn't what we thought, he went lame, the other person had a crisis and needed the money sooner, etc.
You just lost a horse. You need another to love that is YOURS, when you are ready for that, not that you have to fear losing, with all the mental entanglements that represents. I'm in that situation and it's a bit mentally tiring. I'm doing ok with it now, but it's requiring major mental readjustments in my expectations and goals...I have my own horse to love, but I can no longer ride him nor have any hopes for the future for him, so I'm still in mourning. When I can afford to, I will get another, I think. This thread has made me realize that I want that.
I ONLY do this is the horse is for sale, and in a very short period of time. I have done it frequently, and only to make money. I supply the training, partner supplies the board, horse is sold, we split the profits.
My dad had a business partner and they went in together on every horse. However, every horse was for sale.
It sounds like a better situation in this case for one person to buy the horse, and the other to half lease.