Definitely look for second hand options. There are plenty of people selling guitars here, look on the classifieds here and on luther music's website. There are quite a few good guitars on sale each day.
You can get an excellent second hand electric for less than 300 bucks. Avoid the marquee brands like Gibson, Fender, etc, look for the mid range models from Ibanez, Epiphone, Yamaha, Cort, etc.
Budget for the amp, cables, bag, and one or two effects.