Lot's of good advice here- I started welding about 2 years ago now, and went through a lot of the same questions- first machine that I got rid of was a little 110v harbor freight special- did flux core only and was pretty messy- I moved onto a Lincoln MIG setup- great little welder, but then I decided I needed a plasma cutter
As others have mentioned, it's pretty addictive once you get rolling. Did some digging around on that front, and found a machine on ebay that did 110v or 220v, plasma, TIG, and stick- picked it up primarily for the plasma capability, but after messing with it for a few months, really started to dig TIG and stick, which led me to sell the Lincoln. Would have liked to keep both machines, but just couldn't justify the sunk cash into the hobby, or the space in the garage!
Not saying it's the right way to go by any stretch, but if you want to have a small, non-production shop, it gets you a fair amount of bang for the buck. I definitely miss the MIG setup when I'm running longer welds, but you get to where you can move pretty good on TIG or stick once you get used to it.
Also, make sure you get the next size bigger tank than you think you'll need if you go MIG or TIG- never fails that you start to run low late on a Saturday afternoon after the shops closed and you can't get anymore gas to work the rest of the weekend- that's also where you'll want to have some flux core or sticks on hand just in case!
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