Empty the water tank to ensure the space around the leaky hole is dry.
Scrub the area around the hole with a wire brush to remove all the rust and clean the space.
Wipe the area with a microfiber cloth to ensure all dust particles and rust are removed from the space you will be working in.
Recheck the area to make sure you have removed all moisture and dirt before repairing the hole.
Snip the tip off the sealant, making the hole as large as you need it to be to manage the adhesive easily.
Insert the tube of sealant into the caulking gun. Ensure it is snapped securely into place.
Dab the sealant around the area until the space is fully covered with the product.
Smear the sealant evenly over the affected area with the putty knife.
Paint the area over and around the sealant once the product is dry; this is highly recommended if your water tank is located outside as exposure to sunlight and the elements can break down the sealant at a rapid rate. For water tanks inside a building, this step is optional.