Configuring a 'virtual' binary sensor from a subscribed MQTT topic

How can I create a ‘virtual’ binary sensor or point that represents the value of an MQTT topic (garage door open(0) or closed(1) in this case) so that I can use it in NodeRed and/or display it in Lovelace as a status indicator?

Use the Node-RED custom companion Component and use the entity node to create a binary sensor in HA.

Or use a mqtt binary sensor

I have never felt so stupid in my life as I do trying to use/learn some of this stuff.
I installed the custom companion component and restart my HA. I added the entity node and connected my MQTT In to the entitiy node and it still says that I need to install the custom node red integration.
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I also tried adding a mqtt binary sensor in my configuration.yaml file and I guess it successfully created it but it does not accurately represent the status. More accurately, the real case is that I do not know what to do with it or how to interact with it. The value for the garaged door position is currently 1(closed) and the mqtt binary sensor that was created says “Off” when added to the HA UI as an Entity Card.

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