In general, you have about a 63% chance to find a shiny before reaching odds, though it goes down slightly the worse the odds are. You're right that you need to use the binomial probability formula, which is 1 - (inverse odds)^attempts.
For example, Masuda+Charm odds in Gen 6+ is about 1/512, so the odds of finding a shiny before reaching odds are:
1 - (511/512)^512 = 0.632480109 or 63.2480109%
Full odds Gen 6+:
1 - (4095/4096)^4096 = 0.632165471 or 63.2165471%
Full odds Gen 2-5:
1 - (8191/8192)^8192 = 0.632143014 or 63.2143014%
Yeah, when I said the chance goes down slightly, I meant very slightly.