If you dont mind shaving the area previously, liquid latex is an option. You can actual buy the "flesh latex" that's sold in any costume/party shop (though it's lower quality than what you get online) and mix it 50:50 with normal home-improvement-store latex paint. Keep in mind that some of the pigments may not be 110% approved for use on skin though, do some research and dont use them often and you should be ok...
'Bring peace to the lost lamb, grant rest to the fangs of the wolf, and deliver the Hammer of God unto the Devil', - Sister Rosette Christopher, Chrno Crusade
"The bad news is he ended up building the whole rock tower... the good news *gulp* I have a rock tower to knock down..." - Rainbow Dash, My Little Pony: Fiendship is Magic (S03E09)