These red/flakey patches often occur due to a bacterial or fungal infection.
It's also possible that this is due to ringworm (a fungal infection). It's best to get it diagnosed by a veterinarian, because ringworm can spread to different parts of the body and can spread to people. Also, the more involved the infection, the longer it will take to clear.
For now, I recommend washing your hands anytime you touch Lucky.
I recommend cleaning his belly with a medicated wipe or shampoo (can get this at the pet store) once a day until the skin appears normal. If it seems to get worse, or not better within a week, then you'll want to take Lucky into the vet for an exam. Below is a link to an article with more information about skin infections in dogs.
https://vcahospitals.com/know-your-pet/pyoderma-in-dogsI hope that helps and all is well with Lucky.