How can you waterproof your mailbox on a tight budget?
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I would paint over it with a water proof paint. And if the opening flap isn't sealing correctly I would glue some weather stripping around the inner portion so the outer flap has a good seal when closed.
You could get a can of that spray rubber they advertised on TV, that would definitely water proof it.
Are you talking about a roadside mailbox? How is the water getting in? Honestly, you can buy a basic roadside mailbox fir around $20 at Lowe's/Home Depot.
I like the idea of the Flex Seal and, just so you know, it does come in different colors or you might have to search for it. The only challenge I can think of would be the hinges, you don't want to spray them open (or shut). If you can remove the door, I'd do that so you can do them separately and have more control over the hinges.
HTH
A new mailbox would probably be less expensive than FlexSeal. It is a wonderful product though.