I want to get into the jet boat world with a entry level running project. I found a 1977 Fibersport jet boat with 460, high rise manifold, dual carb, brand new american turban jet ($3800) and more. I haven't looked at the boat in person but looks in running order. He is asking $2000. Is this a no brainer or am i missing something. I have seen headers for BB ford go for $1000 let alone the $3800 jet. Any help would be appreciated. Bret

Here is some additional. Fibersport Inc. Builds Manta Ray and others. It is a Manta Ray 21', does that help at all? Sorry, I have the fever but don't much about these boats. What does a guy sty away from even if it is a good deal? Is the american turbine jet a good brand? Again, Any help would be appreciated.

I don't know anything about the hull but I seriously doubt that he has $3800 in the jet.  Not sure I am even reading your post right, but that is what I think you are saying.
I know very little about properly assessing boats but I will share what I know.   First tell the guy you want to hear it run before you waste your time further.  That means have the battery charged.  If he starts it dry with no water going to the pump in some way, you should rebuild the pump cuz he is a dummy and just burned up the wear ring.  Yes you can use it that way, but it will never be right.  Then look for obvious fiberglass damage.  See if the guages work.  Check the wood in the seats for decay.  If it has a flat floor jump around on it looking for soft spot.  Take a large ratchet or hammer and tap along the stringers looking for soft spots.
Be sure to check the condition of the trailer as often they have dangerous rust of broken/loose boards.   While you are under there put a large staightedge on the channels and make sure they are still straight.  Often they curve from sitting on the trailer and that will slow and make you boat handle poorly.   None of theses are dealbreakers as everything can be fixed, but $2K is pretty cheap.  He may know something you don't.  Or he may just be hungry for the sale of an oddball boat.

How'd I do guys?

First of all I want to thank everyone for the replies. I don't know much about boats but I am enough of a motor head to know how these projects can add up. I would like to walk into something I can have fun with but I just don't know where to start. What hulls do you suggest to look for? Here is the post http://boulder.craigslist.org/boa/1610827321.html
It is under Colorado, Boulder Craigslist search ,"Jet Boat". I talked with the guy and it sounds like the engine is bad. I haven't seen the boat in person so it is hard to judge the condition. Thanks for all the help, and if you guys have any good leads or ideas i would appreciate it. I live in Colorado so it is hard to acquire some of the SoCal deals. Thanks again, great site. B

Judging by the transom adapter, Id say the pump is a Jacuzzi wirh an American turbine Energizer kit.  What would worry me is, why has part of the transom been painted  .  Also what do you mean by "it sounds like the engine is bad" (blown up/broken ).

Not much in the Boulder listing.  This is a few I found in the Denver area.  Depending on what you are looking for and a price range you are willing to spend we can find something for you.  And don't be afraid to ask for help looking at something that is not in your area.  Many boats have been inspected by other members before purchase. 

http://denver.craigslist.org/boa/1652034269.html  Sanger    Worth looking at
http://denver.craigslist.org/boa/1651976382.html  460 engine, if needed
http://denver.craigslist.org/boa/1650751978.html  CV23 Jet Cruiser (some people love these)
http://denver.craigslist.org/boa/1650644541.html  Is N/E Portland anywhere near Denver?