Hey everyone! Maybe a weird post, but here goes! (Wasn't even sure what forum to post in!)
Has anyone had any success in investing in horse property? While it may seem an usual question, I would love to hear anyone's opinion on the matter. I have 4 horses of my own that I adore who live on my own personal property - however, it would be a dream to own a larger stable for my investment portfolio. Just looking briefly in areas around me (Chicagoland), monthly board for one horse can be anywhere from $300 to over $1000 - and multiply that for however many stalls that are available and it seems like you could see some serious cash. However, I am wondering if any people here are experienced with this type of property and could give any insight as to the type of fees typically incurred when owning a stable. Besides the obvious utilities (electric, heat, water), there would have to be an employee(s) for daily care and grounds work, waste removal, etc. Also, what additional things can be offered at the facility to increase cash flow (vending machines, fees for using arenas if not a boarder, lessons, etc.)? Again, just trying to get a feel how often this type of "rental income" proves viable. Not really sure if this question even belongs on BP (maybe it's more of a general business question than a property investment question?), but with so many knowledgeable people here, surely someone has come across this unique type of investment! Thanks in advance!
I have a colleague that bought a horse property last year and he refers to it as his "ATM". The monthly cashflow is unbelievable. However, his property is a little unique and he has been able to maximize cashflow in a number of different diverse ways. In addition to the stalls, he also has 5 apt rental units on the property, a large barn that he rents to a contractor to store heavy equipment, horse trails, and he leases out a portion of the farm area to a local farmer who grows vegetable for "farm to table" restaurants. His wife was also a former equine professional, so she runs the day to day operations at the horse barn and conducts lessons, open riding and jumping classes.
I think like any other business as long as you can operate it correctly and efficiently it can be a great investment. My only concern (and this could be completely unfounded) is that in a bad economy a business like this could suffer because it's an expensive hobby.
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