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In the event of a late rent payment, 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 delayed payments. He advises landlords to serve their tenant with the state's legal notice regarding the overdue rent, clearly stating the amount due and what actions are required to resolve it. Additionally, there's an opportunity for informal communication with the tenant, where a specific seven-word sentence can be used to encourage timely rent payments in the future. This approach aims to ensure consistent and punctual payments from tenants moving forward.