Confused on what to do (variable interest rate)

[Jarred L.]

hey guys! need some advice.

I have owned a triplex for about 2 years now. I got in when interest rates were great but i took variable and unfortunately the rates have gone up and my monthly payments have gone up almost 1400$ from 2 years ago. the plan was to refinance which is why i took variable but i never did as i was not sure what to do. right now the 3 units bring in a total of $3900 but the mortgage payments, insurance and taxes alone add up to about 4.1k.

one of the units is a 1 bedroom where the man who has been living there for 28 years is only paying 580$.

my main question is what do i do? do i refinance? do i lock in a rate soon? my goal is to try and somehow make real estate investing a full time job. any advice is appreicated.

thanks

[Jarred L.]

@Kevin Sobilo its a 30 year variable mortgage (where the prices change every month). i purchased it for 690k canadian. it should be worth more now maybe get evaluated at 800k if i had to guess.