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I am trying to save money by buying 1 mic that can be used in the studio and for live performances. Is this possible? Does anybody have experience or recommendations in this area? I am looking in the $100 to $200 price range.

names and models would be great

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I'm going to assume you are looking for a condenser mic for vocals? Or to mic an instrument? Knowing the application does matter.

Either way I'll say don't bother trying to use a condenser mic for live performances. For miking vocals in a live performance spend $99 for a Shure SM58 (or 2) and be done with it. If you are miking an instrument (guitar is the assumption here) then get the SM57 for $99. These mics are tough and the standard for live performances. They can be used in the studio as well! I have two SM58s that are 20 years old and in good working order. In the end it'll be money well spent.

Sorry I should have been more specific. I am talking about acoustic guitar. I would prefer not to be glued to my mic (which I know you have to be with a 57). That's why I am looking at condensers. I know it is possible to use them live. I've watched in many times......
What about a sound hole pickup? Cost will be about the same as a good condenser mic and less restrictive. With a mic you still have to be careful of where you are in relation to it. This won't matter with a sound hole pickup..

As far as condenser mics, the MXL 990 has really been getting good reviews and the cost is only $50. For another $50 there is the MXL 992 which has a wider frequency range (20Hz-20KHz), 10dB switchable attenuation (useful depending on what you're attaching it to), and more useful is the -10dB frequency roll-off. The roll-off can really help minimize unintentional low-end rumble especially in a studio environment during a vocal session.
I use a RODE M3, it's relatively cheap and it will always sound better than a pickup. I've also got the Fishman humbucker blend (with the little mic inside the guitar) which is good too but nothing beats the M3. You have to watch your position obviously but not as much as with a 57 and as long as there's not too much noise on stage I've had no problem with spill or feedback. I've also used it to mic banjo, mandolin, uke, percussion, resonators and vocals at a pinch. The RODE NT3 is good too but you'll get more spill.
For solo fingerstyle, I've used several, from inexpensive to expensive - always small to medium diaphragm condensers. I use the mic along with an internal SBT pickup and blend them. Currently I am using an Oktava MC-012 (Dorsey mod) with a hypercardioid capsule. It's a good mic for my live uses and fairly feedback resistant for a condenser.


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