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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 zero tolerance for late payments. Begin by posting your state's legal notice indicating the past due rent and the necessary steps for the tenant to rectify the situation. Beyond the formal notice, you can communicate informally with the tenant. Weinhold suggests using a specific seven-word sentence to facilitate communication and encourage timely payments in the future. This approach sets a clear expectation for the tenant regarding rent payments.