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In case of a late rent payment, address the issue promptly. Keith Weinhold, host of the Get Rich Education podcast, emphasizes taking immediate action by posting the state's legal form indicating the overdue rent amount and the necessary steps for the tenant to rectify the situation. It's crucial to have zero tolerance for late payments. Additionally, communicate informally with the tenant, providing a specific seven-word sentence to convey your expectations and encourage timely rent payments in the future. This approach ensures not only the collection of current rent but also regular, on-time payments moving forward.