Thank you for the comments everyone. I really hope he pulls through.
Though today he is not acting so good, he just lays on the bottom or floats at the top gulping for air. Also, he is refusing to eat anything.
I noticed too that he not only has fin rot, but also the start of fungus and ich. He is in for a tough recovery. I gave him his first round of meds today but he does not seem to be any better.
...Despite all that is going on however, he actually gets excited to see me. He is my first and only Betta that has been happy to see me from day one.
I already really love this little guy. :)