Check out wedding rates in your area. Most 2-camera weddings will run $1500-$3000 – they are about an hour long finished project, and most of the cost is the editing (40 hours or so).
Who are this guy’s clients? Individuals, businesses, clubs, etc?
If you can survive on these projects (rent, food, a life away from the computer) in this economy it may be ok. But it sounds like you are being short-changed.
Does your employer have any template or other SOP for one of these videos, or do you just keep working until it is done? A $1000 video should have some criteria attached to it, ie. 15 hours editing, 5 music tracks, 2 hours graphic design work, etc. If there are no restraints then your hourly wage will indeed approach zero and you are going to lose your shirt and possibly your mind!
Pretend this is your own business. Would you charge the same rates? Would you pay others the same wages for the work you are now doing?
Don’t get taken advantage of. If you are working for someone else out of someone’s apartment, and this is a long term deal, that could be a sign of trouble ahead. Not getting paid in a timely manner is another red flag, there are dozens of threads about that issue alone.
Could you do this sort of work yourself? Presumably if the guy is paying you $1000, he is probably pocketing a similar amount, but not doing as much work. That would be ok if you were paid in a customary manner.
Lots of questions you need to ask yourself.
Report back. We are happy to give advice.
Mike Cohen