Need advice. Sign 5 month lease or go month to month

[Alissa Rodman]

Hello, fellow BPers.

I am new to BP and new to real estate investing. I am 44 years old and have never bought a home before. My plan is to buy-and-hold to be able to retire at a decent age.  My lease at my apartment ends Sept 30th. I have the option of signing a five month lease and keeping current rent amount or going month- to month and paying $150.00 more per month.  I should mention my credit has not been great but it is improving very quickly ever since I got an amazing company repairing it for me late June.  My highest score is 690 (improved by 154 points!) and my middle score is 624 (improved by 87 points).  All within 2 months.  Before I start shopping for my great deal for owner occupied rental home I am wanting to know what you would do in my situation; stay in my apt until February with 5 mnth lease (and potentially miss out on great deal) until my score is awesome and save the $150/ month difference OR go month-to-month in case a really great deal comes along and take the chance of my credit score improving at the rate is has been?

So far i have $4000.00 saved for down payment if I choose FHA. If I choose USDA, I could use it for closing costs. I can save up about $1000.00 per month if I need to wait longer.

Just wanting to get you guys' opinion on the matter and find out what the wisest choice would be.

Thank you in advance for your guidance!