Feb 09, · We used latex, only because we had to live in the house when we did it. The oil based stuff is a much stronger odor. The laytex has worked well for us. Drylok Waterproof Paint is a water based, penetrating waterproof latex paint that is ideal for interior, exterior, above or below grade masonry walls, basement walls, retaining walls, foundations, landscape walls, cinder blocks, concrete blocks, bare concrete swimming pools, stucco and brick. The DRYLOK 1 gal. White Masonry Waterproofer is a low-odor paint formulated to protect any interior, exterior, above- or below-grade masonry surface/5(59).