Hello, I am a first time guitar builder in need of a little guidance. Is there any specific paints to use that won't compromise the sound quality of an electric guitar? I just don't want to end up making a little mistake like paint selection ruin my guitar . Thank you in advance for any help.
I have a subscription to Guitar World, they had a continuous article series on guitar painting. They said just to use a regular spray. About 4 to 5 coats. A day or so in between coats, along with MINOR sanding. Then apply a few final clear coats, also sanding in between. With paint you should use a very high grit sandpaper. 620 or something like that.

As long as the paint isn't lathered on their, it won't really affect your sound too much.
Check out ReRanch 101 - Finishing Basics. ReRanch sells all the finishing supplies you'll need.

You can also go to Project Guitar Tutorials to learn more about refinishing.

Since you're painting an electric guitar, the type of finish you use would probably have negligible impact to your tone. I've used Duplicolor car spraypaint (available at auto supply store for ~$6/can) and Krylon (available at most stores for ~$3) and had good results. Crash used the cheap Krylon to paint 3 of Clapton's Strats.

It'll help to use the same brand or stay within the family of paint you use for the sanding/sealer/primer, colorcoat, and clearcoat. Good Luck!

IMO go for either some nitro or a good waterbase finish like what is available from stewmac or LMII. If you've gone to the effort to make a guitar you kinda own it too yourself to put on a nice finish.
If its electric, ir really done'st matter how much paint is on there.

Have you ever checked out fenders? They have like 2 cm thick finishes on tehir guitars.

But plain automotive spray paints should work fine for you. Check out duplicolor and krylon spray paints.

Reranch has the best tut I've come across. And if this is your first paint job ever. Then I can pretty much guarantee you you'll screw it up and it won't look like a f actory finish unless you get help from someone whos painted guitars before and knows the technique. Because painting is just as much of an art to perfect as playing is.