I do a lot of electronics repair as a quasi-hobby. (I’ve been selling some things I fix on eBay to pay for the next things to work on, and still have money left over to buy Christmas presents, new tires and such.) There’s a guy, Sam Goldwasser, that has put together an amazing web site of electronic repair info. It’s the “FAQ” for sci.electronics.repair. Check that out first. If you get stuck on something, you can post a query to s.e.r. and maybe someone will help. Sam himself replied to one of my queries. Be sure to provide all the info about the item.
If you Google, esp. Google groups, for your model number, you will frequently find that someone has already ran into that problem before and posted a fix.
If you are an absolute beginner, you need to start off learning all the basics. Components, basic circuits, some theory, etc. The more you know, the easier it will be.
My step-father ran a TV-Radio repair shop when I was a kid so there was always a lot of junkers around that I could fix up and use. I did take some electronics courses in high school but I am mainly self taught.
Stay away from “dangerous” electronics at first. Microwaves, TVs and CRT monitors all have the potential to kill you even when they are unplugged. VCRs and computers are a good way to start.
I repair a lot of VCRs (Betamaxes) and almost always they only need some cleaning and sometimes a few rubber parts that I get at a local electronics supply shop. The second most common problem is the power supply. A lot of time they are simple enough that they can be diagnosed and parts obtained at a regular supply shop. I rarely need to order something over the Net. (But I live in a large city.)
The next most common thing I repair are computers, more recently laptops. (There’s money in the latter.) For those, I rarely fix an individual component, although I’ve actually have done that several times. It’s swapping out boards and other big parts. For special laptop replacement parts, I buy off eBay. There’s always someone parting out a busted laptop. Might be a good place to look for your part. (Which is why the repair shop will take longer to get it cheaper. They’re waiting for it to appear on eBay.)
The best sources for junk to work on are thrift stores and garage sales. I can buy something at a garage sale for $3 and not worry about breaking it. But if I can get it to work and sell it on eBay for $150, that’s nice.
For me, there is just an amazing joy in taking something that just doesn’t work at all and bring it to life. I know how Dr. Frankenstein feels.
But always keep an eye on the bottom line. My current project is a Sony SL2400 Betamax that might bring in $150 on eBay. I’ve spent 3 or 4 hours on it so far. So it is really a “rewarding hobby” rather than an actual way to make money.