I also agree with the above poster that probably the very best idea would be to just sell the horse.
Based on the info, if you agreed to do cost splitting, then split the costs. Split the board, farrier and routine vet bills. YOUR problem will come if this horse comes up lame due to work or if she trains in bad habits. If your friend is an actual trainer-type, and her dressage riding will actually improve your horse and this may be something to consider. But the lease is benefiting her because she’s a dressage rider, not an eventer. MAY be, since you are cash-strapped. Most horses don’t suffer being turned out, and you will have to seriously evaluate if you are actually going to the upper levels and can pay for training/shows to get you there soon after graduation. Realistically, with 2 years off, you may not. Perhaps sell this horse now and purchase another one when you have money and time.
If she is not a trainer type but is herself looking for a horse to ride, then she is looking for a free lease. I’m particularly skeptical because I have seen that many people say they know how to ride/train dressage, few do. I have free-leased horses in the past and paid for board, while the owner may or may not pay for farrier, and the owner may or may not pay for basic and/or advanced vet bills. If she’s not a trainer type, she may not be improving your horse. If she is, then this horse maybe increasing her profile because she obviously doesn’t have a horse of her own. Consider how your horse may be helping her.
Insurance at this level will cost you about $500+/year. You may have to justify to the insurance company why your OTTB is worth the insured price. Why is your horse worth $10K if it is green and unproven? Many insurance carriers won’t carry that. They don’t ensure “prospects” without data showing that the horse really is a “prospect” worth at least the insured price.
Who is covering the show fees? You’ll have to become a participating USDF member if she wants to do recognized shows. Then, those show scores will be on your horse’s record for good or bad.
What is “everything else” that she expects to pay? Farrier? What if your now mostly barefoot horse needs shoeing for the work? Who pays for that? Routine and other vet bills if they come up? That doesn’t seem to be “half” the bills. You should work this out before moving forward.
I would be quite skeptical of this arrangement. But at least tell her you will split half of the actual costs if she’s interested, otherwise the horse will go to your parent’s house. Maybe it IS a good deal for you and someone will work your horse instead of it sitting around for 2 years. But it’s also a good deal for her. Ideally, the horse will need to jump a little and you’ll likely want to have someone who can jump it, too, if you want this horse to be your upper level prospect. If that’s the case, I’d advertise a free lease and pick one or two people who can keep this horse on track. And support paying the bills.
its not really a lease though is it?
This situation sounds like you have nice horse, friend is capable of training said horse and has no horse.
I have been in these situations before, where if it suits me to ride someones problem/green/young horse then I will do so at no cost to the owner. However I wouldnt be paying to do so.
It seems to me that the rider (im going to call her a rider rather than a lease) is helping the horse become educated and a saleable asset for you, and who knows when life might change and that might be important.
I would keep paying towards the horses upkeep, as it seems to be in your best interests to do so, and these situations can get pretty ugly. If everyone is clear its your horse, and she is riding it for you, then you should be fine.
FWIW I wouldnt send it home for 2 years if its not going to be ridden, sell it on now.
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FWIW I am a very skilled rider and I have always paid expenses based on my proportion of ride time when free leasing.
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I think if you have already agreed to split costs, then you should split everything 50/50. Make sure that whatever you decide, you put it in writing!
No brainer. Pasture pony for a couple of years…
There are so many things going on with this situation, it is hard to decide where to start.
Generally full leases require the lessee to pay all the bills. Obviously in this case, with this friend that is unlikely to happen.
OP, if you are dead set on leasing to this friend, I’d draw up two budgets. 1) calculate all the costs to keep you horse at the barn. 2) calculate all the costs to keep your horse at home. Your base lease fee should cover at least the difference between the two figures.
Next I’d conduct an honest assessment of your friend. If you lease to her will she add value to the horse? Don’t go on what she tells you, go on what you know. If she is a phenomenal rider and will give the horse skills and she has the track record to prove it, that is one thing. If she is just going to use up the horse’s jumps and joints, that is another thing. Maybe make some tweaks to the lease fee in her favor if she is a super rider who will add value. On the other hand, her lease fee should be a bit higher if she is just going to use him up.
It may be a bitter pill to swallow, but consider the advice of earlier posters regarding selling your horse. You’ll be in school for two more years, after which you will have a new job. You’ll have student loans, rent or a mortgage and if your new job is in a competitive field you’ll be expected to put in tons of hours.
It isn’t uncommon to relinquish horse ownership for a decade or so to pursue a degree, a job, home ownership and getting on solid financial ground. It is what becoming an adult is all about.
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