Water entering home through hole in exterior wall

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The last time it rained real hard (flood warnings all throughout my area, cars having to be towed out of standing water in my county), a little bit of water entered my home. I actually thought it was the washing machine leaking, and the washing machine repairman came out and said nope, it's not leaking. Then I opened the door to the room adjacent to the utility room, and found a little bit of water in there too. So I walked around the outside of my home, and looked along the exterior wall to try and see if I could figure out where that water might have come from. And here's my best guess, a big crack where the big old electrical cable from the meter comes into the house. I think it might have rained through this big crack.
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Now here's what this same area looks like on my neighbor's house. Nice and sealed, looks like.
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I think that goop might be this stuff, but I don't know. I'm not very handy. Should I buy that stuff from Lowes and fill the crack with it, or is doing so liable to get me electrocuted, and I should hire a handyman instead?
 
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