Great advice the bit in bold.
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Yes, that last bit is excellent advice. I've raced plenty of them - and a few with good success - but you NEVER, EVER go into it expecting to make money. Just enjoy the ride. There's no greater thrill than standing in the winner's circle.
I've bought yearlings, bred them, bought a claimer and bought from NZ (both proven and yearling).
Bob - at the moment, if I wanted a solid racehorse, I'd probably get a going horse from NZ. It's incredibly competitive at the top level of there (dominated by a few outstanding trainers), so there are often handy horses (just below the very top echelon) that can be bought for a reasonable price. Just make sure you get some solid advice from someone you trust.