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When a tenant is late on rent, it's crucial to address the issue immediately. Keith Weinhold, host of the Get Rich Education podcast and a contributor for Forbes, emphasizes the importance of not tolerating late payments. He advises landlords to use the state’s legal form to notify tenants of the overdue rent and the necessary steps to rectify the situation. Additionally, landlords have an opportunity to communicate informally with the tenant. Weinhold suggests a specific seven-word sentence to facilitate this conversation and encourage timely rent payments in the future.
