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In a tutorial on handling late rent payments, Keith Weinhold emphasizes the importance of addressing the issue promptly and effectively. He suggests using a specific seven-word sentence to communicate with the tenant to encourage timely rent payments in the future. Weinhold, host of the Get Rich Education podcast and writer for Forbes, stresses that landlords should not tolerate late payments. He advises that landlords should post a legal notice detailing the overdue rent amount and the steps the tenant must take to remedy the situation. Additionally, he highlights the opportunity to informally communicate with the tenant about the legal form sent to them.
