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In this video, Keith Weinhold emphasizes the importance of addressing late rent payments promptly and without tolerance. He suggests using a specific seven-word sentence to communicate with the tenant about the issue. The process begins with posting a legal notice that outlines the past due rent amount and the necessary actions the tenant must take to rectify the situation. Additionally, he mentions the potential for informal communication with the tenant regarding this legal notice, which can help in ensuring timely future payments. The focus is on proactive management to maintain consistent rent collection.
