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When a tenant is late on rent, it's crucial to address the issue promptly. Keith Weinhold, host of the Get Rich Education podcast, emphasizes that landlords should not tolerate late payments. The first step is to provide the tenant with the state's legal notice specifying the overdue rent and the necessary actions for payment. Additionally, it's beneficial to communicate informally with the tenant. Weinhold suggests using a specific seven-word sentence to facilitate productive dialogue and encourage timely rent payments in the future. The approach aims to ensure that rent is paid both this month and regularly moving forward.