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When your tenant is late with paying rent, take action immediately by using a seven-word sentence to address the issue. Keith Weinhold, the host of Get Rich Education podcast and writer for Forbes, stresses the importance of setting clear expectations and consequences with late-paying tenants. Notify the tenant with the state's legal form showing the amount past due and what steps need to be taken to resolve it. Effective communication with late-paying tenants is key to ensuring rent payments are made promptly in the future.