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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 having no tolerance for late payments. He advises posting the official state legal form indicating the overdue rent and necessary steps for the tenant to pay it. Additionally, communicating informally with the tenant can be beneficial. Weinhold suggests using a specific seven-word sentence to help ensure timely rent payments moving forward. This approach not only addresses the current situation but also establishes expectations for future payments.