Yes the poll question is confusing, and yes I read the explaination so I now know the intent, but I didn't vote in the poll. Please don't shoot me! HAHA, I can only relate my past experience on this subject and you can take it or leave it, use it as advice or education or flame me, your choice.
A couple of decades ago we went to a breeders farm to look at and purchase a double registered yearling mare, of course this was before all of the internet stuff, and saw a beautiful yearling filly as well. We inquired about this filly as she was so darling and were told by a very honest reputable owner that he acquired this filly and yes she was for sale but had no registration papers. Well she had stolen out hearts and we purchased her. We then waited until she was three and hardshipped her into AMHR. This filly was purchased during the hayday, we paid dearly for her, then paid more to hardship her in. She has since paid for herself in foal sales, but is now retired. ON the other hand, I would not do it again, and also one more experience I would not do again, I will not ever buy another young AMHA only registered foal! Reason being, I've had to hardship them into AMHR, and good thing I spent the money, cause 4 out of 5 have gone over. Problem is this, you purchase an AMHA only foal and it may do well showing at AMHA shows until it goes over in height, then you show at the local level and do well, but at the National level not at all, since evrything is ASPC/AMHR, so trying to resell is a nightmare. Also here on the east coast the market is none exsistant, the market is flooded with horses, so many poor little ones going to auction and heaven know where. I'm no longer breeding and once figured out it cost around $900 just to bring a foal into this world if done properly, and a dystocia cost more. Just some things to think about. I know it is better on the west coast and in other parts of the world, but seriously if you are getting into breeding to make money, you may want to give it a second thought.