UIC Claiming Partnership (Ownership in Horse)

[cherokeescot]

Given the popularity of our UIC Claiming Contest I was wondering if there was sufficient interest for us to set up a UIC Partnership Group . If interested could you complete the attached poll as to what your initial investment would likely be and post any questions you have on this thread .

[eye123]

How would this work ? (general idea) The concept I would think would be appealing(to many here) depending on the particulars.

[cherokeescot]

Initial thoughts

Say we raise $25,000 . We claim a horse for $16k or $20k and the balance would go to cover training expenses etc. Sub committee of members would decide on which horse to claim and where it is to be based and with which trainer . We would poll all members of the group before any significant decisions are made so everyone has an input. If horse is subsequently claimed we would reinvest proceeds into new claim. If no horses left we would poll members to see whether they would wish to continue or be paid out of what cash we have left.

[mattcoll]

What is the ongoing liability after initial investment?

[spanky126]

Is the Cooler banned? If not, put me down for $100!

[cherokeescot]

The plan would be that there would be no ongoing liability . The surplus would be used to cover three months training expenses etc. and we would hope that our claims would be successful enough to keep us in surplus. If the majority of members wanted to keep going we would estimate training costs to be be about $3000 a month. If we had 30 equal members of $1000 each then ongoing liability would be $100 a month.

[cherokeescot]

Jan 19, 2022 14:29:49 GMT -5 spanky126 said:

Is the Cooler banned? If not, put me down for $100!

Spanky we are trying to have a serious conversation here 🙄

[eye123]

So to be clear for everyone, beyond the original investment to claim (and excess funds for care short term(hopefully 3 months) ) any liability for monthly expenses would be commensurate with original investment. Example: 25 shares($25,000) each share value at $1,000. Someone invests $2,000(2 shares)(investor A) vs someone who invests $1,000(1 share)(investor B). On going expenses for investor A would be $240 (based on $3,000 monthly expenses) vs $120 for investor B. Any winning(should there be any) would be proportionate as well.(investor A getting twice the return as well compared to investor B) I would think that any amount originally collected be 60% toward purchase(claim) with 40% held in reserve for expenses. 25K collected 16K claim 9k for three months expenses. Claiming for 20k would leave expenses short.

[1hooper]

Form a new LLC Company or run it through an existing stable? Taxes,liability etc.. Thinking some investors are not aware of the behind the curtain things that crop up.
There has to be a managing partner with final say in my opinion.
A specific state? Some state programs can be lucrative with bonuses.
Prelim list of trainer possibilities? There are some I would not go near.
More complex than some members might believe.
Will be fun to go through the process if we get enough interest.

[1hooper]

Reach out to these guys to get us on track. rocketreach.co/zayat-stables-llc-profile_b450c46cfc7e6e4a

[eye123]

Bev was being generous as far as being a consensus approach.(my opinion) Managing partner makes sense.(Someone who has been in the industry already, knows the ins and outs) Interesting to see where this goes. (PS managing partner pro bono)

[elkurzhal]

"Sub committee of members would decide on which horse to claim", if by sub committee you mean propro then I'm in!

[cherokeescot]

Eric , you nailed it ! 😉

[cherokeescot]

Hooper makes some valid points. I would be happy to serve as Managing Partner unless anyone else wants to throw their hat into the ring .

[eye123]

Jan 19, 2022 16:29:23 GMT -5 cherokeescot said:

Hooper makes some valid points. I would be happy to serve as Managing Partner unless anyone else wants to throw their hat into the ring .

I guess we can assume you would do this for the benefit of the group without any reward beside that of your shares(purchased)(should this show a profit) and with an open ear to any members concerns or thoughts.(The final decision would be yours of course, for the benefit of all) Under those terms, think most would be happy to have you (or should someone else put their hat in the ring)  as Managing Partner.   

[tc]

Jan 19, 2022 15:54:34 GMT -5 elkurzhal said:

"Sub committee of members would decide on which horse to claim", if by sub committee you mean propro then I'm in!

I was thinking the same thing 

[Badactor]

It will take some doing... but I'd like to be part of the team.

[cherokeescot]

Given the voting there is obviously not enough interest to waste any more time on this project. Time to shut it down and focus our energies elsewhere

[Badactor]

better it remain in the realm of fantasy (like being a jockey) for me.

truly admire you gentlemen who actually play the game at that level.

living vicariously - i pretend it's all true. I "identify" as major player.

comin' through. comin' through. heavy bettor here.

[1hooper]

Too bad. The first timers would have received some priceless insight.

[eye123]

It's a shame this couldn't get more support. Anyone can join any number of partnerships out there where right off the bat you're ending up with costs (dead money) up front. You also really don't know the others in the partnership, have less say in the direction...and are basically aimed at the "experience" rather then a better chance of actually making a return. This could have been fun. Idea was interesting.

[spiderjohn]

Credit to Bev for floating the idea and offering to lead.
Starting from scratch on a shoestring budget without a basic direction is a tough task.

Limited partnerships can be difficult/frustrating, even with close friends. Been there.

Currently have a part of five yearlings ocala way—-hoping to get through that situation ok.

[shoes]

I'd suggest leaving the poll up a little longer and calling more attention to it. I noticed it for the first time today. I skipped over it before thinking it was part of the claiming contest.

[tims70ar]

Sorry I didn't see this earlier.  I am interested to $500.

I joined one at OP two years in a row but they never got it off the ground.  (got a refund both years)

I would love to get into it at a low entry level. 

Thanks for floating this Bev.

Tim

[eye123]

11 members interested, halfway to goal ($30,000).......(bumping because seems not everyone has seen this)