Get something "good" right off the bat...
I say this not as a snob, its just that cheap stuff isnt much fun and has no resale value if you dont like what you got! I say this from experience, as I have "invested" $400 extra dollars in my $200 bike. If I had spent all of it at once, I would have ended up with alot more for my $$$, and probably have a frame that I could namedrop if necessary... Im happy with what I have, but I see the error of my ways!
Best, Jake