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When a tenant is late with rent, it's crucial to address the issue promptly. Keith Weinhold, host of the Get Rich Education podcast, emphasizes the importance of having no tolerance for late payments. Landlords should post the legal notice stating the overdue rent and necessary actions for resolution. In addition, landlords can communicate informally with the tenant using a specific seven-word sentence to help ensure timely rent payments in the future. The focus is on maintaining a firm yet approachable stance to facilitate regular monthly payments.