I think we have all done this. I was about 20 years old, just married, a kid, no money to speak of, I bought 2 41 Fords, a coupe and a sedan for 75 bucks. Basket cases, visions of grandeur, I sold them later for $125, after my Dad said get them out of his driveway! But, on the other hand, I have made some killer buys. Go in with your eyes wide open. Labors of love help sometimes, if you don't just love the car, it will be a sliver in your backside that you just can't reach.
"When I was younger, I could remember anything, whether it had happened or not." - Mark Twain