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How have you funded a horse? Small Update!

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  • How have you funded a horse? Small Update!

    Sadly, my heart horse has become unsound for showing and can only be a light trail horse. I am very upset about this but I am trying to look on the bright side that this is my opportunity to get a really competitive reined cowhorse!

    My trainer has a one that a client sent her to sell and I have been riding him for a while. We are a perfect match! I LOVE,LOVE, LOVE this horse! The problem is, he is over my budget by half!!!

    I need to figure out a way to come up with the other half of his purchase price. I already work a second job which is paying for the half I have. Hubby will not let me take out a loan for it since we are working on becoming debt free in the next 2 1/2 years. What else can I do besides selling my kidney?? (which is on the market if anyone needs it!)
    Last edited by spotnnotfarm; Nov. 7, 2012, 11:48 AM.

  • #2
    I once seriously considered donating eggs to be able to afford a young horse that I coveted, but figured it was for all the wrong reasons that I was donating them, and honestly, needles freak me out.

    If you are really thinking about asking people to purchase shares in this horse, you need to have a plan. People like to know what their money is purchasing and what's going to happen with it. I would treat it like a business deal and present it as such. When my parents bought me my first horse, I had to do up a presentation for them with what I planned to do with the horse, how I was going to pay them back, what I would do in an emergency, etc. I would do the same thing (I was 7, and it was a bit crude, but it gave me a good handle on things, and they have asked me to do the same when they loaned me the money for my first car, horse shows, tack) for your possible share holders.

    Or maybe you'll get really lucky! It is almost Christmas... kinda.

    Comment


    • #3
      Just wait-- the price may come down---

      I don't think I would stretch my budget too much to buy the horse as there are always unforseen costs after the horse is purchased (saddle, vet, training, etc).
      This is especially true in light of you already working a second job and having a retired horse with possible vet needs.

      I always enjoy things more if I know I can really afford them.

      Comment

      • Original Poster

        #4
        Originally posted by Superminion View Post
        I once seriously considered donating eggs to be able to afford a young horse that I coveted, but figured it was for all the wrong reasons that I was donating them, and honestly, needles freak me out.

        If you are really thinking about asking people to purchase shares in this horse, you need to have a plan. People like to know what their money is purchasing and what's going to happen with it. I would treat it like a business deal and present it as such. When my parents bought me my first horse, I had to do up a presentation for them with what I planned to do with the horse, how I was going to pay them back, what I would do in an emergency, etc. I would do the same thing (I was 7, and it was a bit crude, but it gave me a good handle on things, and they have asked me to do the same when they loaned me the money for my first car, horse shows, tack) for your possible share holders.

        Or maybe you'll get really lucky! It is almost Christmas... kinda.
        LOL!! I wish I could do egg donation but am am to old (dang it!!) LOL!! I am not looking for people to buy shares. My dad did offer to help but he is unreliable and may not be able to help for awhile.

        I am hoping Christmas Morning the horse will appear in my barn with a red bow!!! LOL!!! Santa are you listening???


        Any other ideas???

        Comment


        • #5
          Would it be possible to work something out with the trainer or seller? Will the horse be staying/boarded with the trainer, or do you board elsewhere? Perhaps if you are able to pay half down, and monthly payments to pay the other half quickly, especially if the horse is remaining in trainer's care, they might work with you? I would talk to the trainer and see what he/she recommends - maybe negotiate price, maybe be able to do payments, etc.

          Otherwise, it's surprising how much you can raise selling things on craigslist in a hurry - you'd be surprised how much stuff you have around the house that can go! Do you have tack you don't use, blankets, etc?
          If you don't like something, change it. If you can't change it, change your attitude.
          ~ Maya Angelou

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          • #6
            I guess it would really depend on how much that other half is. (not asking you to reveal it here, but if it's a few grand or less, then a series of smaller actions could get you what you want. If it's $15k or something like that, well, that's a whole different ballgame. (edited to add: it occurs to me that these #s may make you LOL because competitive reining horse prices are several orders of magnitude more than that. Anyway, you probably get my overall point.

            The other thing to consider are your showing expenses. OP seems to say that your retiring horse was nice but wasn't really competitive. So if you're also thinking you'll be moving up a level or two in the showing world, those add'l expenses are not insignificant.

            Of course you've fallen for this horse, but that's not to say there aren't other really great horses out there. It's not by accident that your trainer has been putting you on this one; and i'm willing to bet s/he's talked him up to you, about what a great match you are. Nothing wrong with that, but be clear-eyed that there is a hefty dose of self-interest in doing so.

            It's a buyer's market. I urge you to go look at like 10 other horses that are in your price range or a little above it, before selling any organs for this one.

            Comment

            • Original Poster

              #7
              I need about 4k more for the horse. He does have a past which is making a lot of potential buyers pass on him and I think he will be for sale for awhile ( trainer has had zero calls) I keep my horses at home so I do not have boarding expense.

              I may be able to offer payments in spring. I hopefor a lottery win or a money tree to somehow grow in my yard! LOL!!

              I am going to keep looking because I know he could sell, or I may not be able to come up with the other half. Sadly, I have stalked this horse for the two years I have known him. He came to my trainer this summer and I was happy to groom him and never thought I would ride him! Now I ride him weekly and Have the chance to buy him if I can come up with the money. He may just end up being the really cool horse I improve my skills on until I find my horse!

              Comment


              • #8
                I would have thought he was racking up boarding/training costs at the trainers, and if he's already been there a few months the owners are very likely willing to be negotiable.

                Around here I'm guessing they'd be paying $1,000 - $1500+ a month and if the horse has already been there 3 months and is likely to be there another few months (as we are heading into the winter) I would think a conversation with the owner might be fruitful.
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                • Original Poster

                  #9
                  Originally posted by SMF11 View Post
                  I would have thought he was racking up boarding/training costs at the trainers, and if he's already been there a few months the owners are very likely willing to be negotiable.

                  Around here I'm guessing they'd be paying $1,000 - $1500+ a month and if the horse has already been there 3 months and is likely to be there another few months (as we are heading into the winter) I would think a conversation with the owner might be fruitful.
                  he has been in training all over the country for six years. The owner just decided to sell so I need to wait a little longer because she is not in the SELL NOW mindset yet .

                  I think I do have time but will not sacrifice my family finances or my current horses welfare. I was looking for creative ways to raise money so maybe I can get to where I can make a fair offer.

                  Comment


                  • #10
                    I say wait the seller out for a little bit. Training costs will rack up and if no one is calling it will get frustrating for him. Then offer a down payment in the money you already have and payments for the rest.

                    I had my Hanoverian gelding for sale and in training from November 2011 - Sept 2012. Had someone made me an offer like that around spring time I would have jumped all over it.

                    Instead no one made an offer and he's back home
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                    Comment


                    • #11
                      If you overextend to buy a horse, what if it becomes lame too, like your last one?
                      Then it would have lost it's value to resell if you have to, plus, not as important, you will again be afoot, although that is a more bearable risk.

                      Keep thinking, you will come with some way to get the horse you love yet, but do it sensibly and with a safety net.

                      Comment

                      • Original Poster

                        #12
                        Originally posted by Bluey View Post
                        If you overextend to buy a horse, what if it becomes lame too, like your last one?
                        Then it would have lost it's value to resell if you have to, plus, not as important, you will again be afoot, although that is a more bearable risk.

                        Keep thinking, you will come with some way to get the horse you love yet, but do it sensibly and with a safety net.
                        I would not say I am overextended. I have enough for half and am looking for a another way to come up with the funds to purchase him. We do have a safety net for my guys. I will not dip into that because the horses I have come before any horse I am thinking of buying I know of several people that have taken out loans to buy their horse and that is something I am not willing to do even though several of my friends have encouraged it. This is a hobby not a profession and if I need to sit out another show season, I will.

                        I may not be able to purchase him and that is ok. If it is not meant to be it is not meant to be. However, I cannot pass this up without trying. I am still hoping my dad will make good on his promise to help but he often falls flat.

                        Anyone else have a creative money making idea?

                        Comment


                        • #13
                          you could ask them if you could lease him for a bit, which might keep the buyers away while you amass the remainder of the price. 4k is very do-able just by tightening one's budget- that's just 1000 starbucks coffees not purchased, or only 150 or so restaurant-meals skipped.

                          Comment


                          • #14
                            Do you have anything you can sell to raise funds? Unused tack, jewelry, furniture, clothing that can be consigned, etc?

                            Yes, I used to have a beautiful 1.67 carat engagement ring. Now I have a beautiful Smart Chic Olena grandson!
                            "You can't fix stupid"- Ron White

                            Comment

                            • Original Poster

                              #15
                              Originally posted by cutter99 View Post
                              Do you have anything you can sell to raise funds? Unused tack, jewelry, furniture, clothing that can be consigned, etc?

                              Yes, I used to have a beautiful 1.67 carat engagement ring. Now I have a beautiful Smart Chic Olena grandson!
                              Would love to see a picture!!

                              I am going to do a major house clean out over the winter and hope I can get closer to the price. I have thought about leasing him over the show season but would like to do more of a lease purchase so I am not throwing away money that could be used to buy him. Sigh...... I did check to see if a money tree sprouted since we have had a ton of rain but sadly, it has not

                              Comment


                              • #16
                                I used winnings from betting at the track to buy the last one. I had a fabulous year betting on the races in 2006.

                                Comment


                                • #17
                                  I would try two approaches at once:

                                  1. Let your trainer know your intensions and what you can afford, and then she what she can work out with the sellers. Maybe the price will come down a bit and you can get on a payment plan.
                                  2. Yes, your husband wants to be debt free in the near future, but at what cost? Life is too short. I would talk to him and let him know how important this horse is to your happiness. $4000 bucks will not set your debt-free plan back all that far. He should understand especially if after #1 you get that $4000 above budget down to $2000 above budget.

                                  Good luck.

                                  Comment


                                  • #18
                                    Can you tell me how to post a picture here? I'm not all that technically savvy!!!
                                    "You can't fix stupid"- Ron White

                                    Comment


                                    • #19
                                      e-bay, craigslist, and "we buy gold" places. Friend of mine sold an old ring last week for $500 to a "buy gold" place. Anytime I've bought a new horse that needed new things (bigger boots/smaller bridle/etc.) I've gotten the old stuff extremely clean, taken great pictures, and sold for pretty respectable amounts online. Helps take the sting off the new $3k saddle when I can sell the old one for $2k. If he's still around come tax season, get a great accountant as that could get you an extra $2-3k in your pocket. Good luck!!!

                                      Comment


                                      • #20
                                        I'll second that debt may not be a horrible idea. Here's a basic lesson from getting my Series 7 and Series 66 financial advisor licenses:

                                        I have $1000 to either invest or buy a couch, but at the end of the day I have to have a couch. If I invest it I get 6% and if I buy the couch, I get the couch and that's it. Now say I can get the couch for $0 down and 1% financing for 1 year from the store. If I invest the money and buy the couch on loan I will have $1060 at the end of the year, and I will owe $1010. I come out $50 ahead! Had I just bought the couch I would have broke even.

                                        Now it's hard to say what your rate would be on your horse and he may not even be an investment, but your happiness is definitely an investment. You can't exactly quantify it, but you do need to take it into account.

                                        ETA: Another thing to consider is that I hated being a Financial Advisor and barely lasted 6 months before I quit to become an analyst
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