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When a tenant is late on rent, address the issue promptly. Use a specific seven-word sentence to encourage timely payments moving forward. Keith Weinhold, host of the Get Rich Education podcast, emphasizes the importance of zero tolerance for late payments. First, legally notify the tenant with your state's formal document detailing the overdue rent. Additionally, you should communicate informally with the late-paying tenant to reinforce the importance of timely payments and clarify the actions needed to rectify the situation. This approach helps ensure that you receive rent on time in the future.