Transgender / transvestite people ? and there periods?

do transgenders / transvestites, still get there periods? well like if there a boy at birth and have a sex change to become a women when there older, i herd somewhere that they like turn the penis inside out or something.. and itll become a vagina. is that true? and if so (if it becomes a vagina then would they have periods? well there menstrual cycle, like girls+ do ? ..just wondering..