Like a lot of other philodendrons, velvet leaf philodendron plants enjoy bright indirect light; too much direct light can burn the leaves. They can tolerate slightly lower levels of light as houseplants, but the leaves will be smaller.
Avoid overwatering your velvet leaf philodendron and you’ll be fine. That means watering it again when the top inch or so of soil dries out. Be careful to not let the soil dry out too much—a sure sign of this is when the soil begins to contract and pull inwards away from the edges of the planter.