umm, about that....
Mostly everything in the picture except for the frame (Goodwill) and the metal sheet (Home Depot) I was able to find at Walmart. All together, it cost a little less than $25 for everything, including the shower curtain liner doubling as a drop cloth which I use to protect my carpet when I do my projects. If you can't tell what the items in the photo are, don't worry, I'll list them in the instructions.
First I took the back off of the frame, and used the cardboard insert to measure out and trace on the metal the area I wanted to cut out using snipers (wear thick gloves, the edges are sharp!).
Next I used fabric adhesive spray to get the fabric to stick to the metal. This should be done in a ventilated space, but since I'm in an apartment I did it in my living room with my sliding door open. Follow the directions on the spray for setting times.
After it's dry you can cut the excess fabric so that it stays neatly inside your frame. Replace the mats and the cardboard backing just like you normally would.
I had to add a few small nails behind the last piece of cardboard to help secure the metal board.
Next hot glue your magnets to your makeup. Unlike superglue, hot glue will do the job and is much easier to remove and reuse whenever your makeup runs out. The pencil holder I picked out for my mascara and lip gloss was for a magnetic dry erase board, so that's one less thing I had to worry about.
While you're waiting for that to dry, you can hang up your board on your bathroom wall, lean it up against your dresser mirror, or wherever else you want. Then stick your makeup on and enjoy!
P.S. I found my eyeliner. It was with my ponytails and hairclips.