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When a tenant is late with rent, address the issue promptly using a specific seven-word sentence to encourage timely payment. Keith Weinhold, host of the Get Rich Education podcast and a Forbes writer, emphasizes the importance of having no tolerance for late payments. It's crucial to post the state's legal notice outlining the overdue rent and necessary actions for the tenant to regain compliance. Additionally, informal communication with the tenant is essential, and the seven-word sentence can facilitate this conversation. This approach aims to ensure the rent is paid on time for the current and future months.