Traditional red velvet recipes make a kind of heavy, dry cake. However, I'm perfectly fine with that because we cover it in real butter frosting instead of cream cheese frosting (which does absolutely nothing for me, and makes red velvet fall flat for me).
I don't remember the exact amounts off hand, but it's just butter, sugar, vanilla, milk, and flour and fairly easy to make. It makes red velvet in my opinion.
Did you get the recipe online by chance and can include a link of what you tried? I'll try to find the frosting recipe online.