Painting foamboard

For most people a plain white or black plane just doesn't cut it so everybody paints their planes. Because I didn't have and rattle cans I decided to try regular house paint to see if it was a good option. 

Water based/latex paint  

BAD 

Because the paint is water based as you apply it it delaminates from the foam

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After it dries the paper shrinks back and looks fine but is pretty weak otherwise. The bubbling is a bit hard to see but there nonetheless is you were to seal the edges of the plane with hot glue then this might be a fine alternative to rattle cans 

Clean up however is super easy just rinse your brushes

Oil based paint 

EXCELENT!

This is exactly like sealing your plane with minwax except you save weight and time by painting it at the same time. As you can see the foam board is waterproof

The downside however is smell messy clean up with paint thinner

Conclusion 

Both paints have their pros and cons I think that the oil based is better if you were to go out and buy some, however most people have some latex paint lying around so this might be a good option.