I just purchased a VEPR K in .223 at a gun show. Since then, I have had a couple of people tell me that I can take AK74 mags, change the follower, and use them in VEPR K.

Is this true? Does this require a special type of follower? Where can I get the followers?

robarm.com sells them, as well as fac/gunsnstuff for $6 each follower

what sort of mag(s) did your buy come with?

The 5.45 mag can handle about 25 5.56 rounds due to the different curve of the mag body/round stacking. The 5.45 mag will need about 1/16" of the material removed from under the front 1/2" of the feed lips. This helps the straighter 5.56 round get up and out of the mag.

Never played with a 5.56 VEPR, do have a 5.56 Saiga that I am learning with, including Weiger and Bulgy mags. Note that the Bulgy 5.56 mags differ in only mag body straightness and more open feed lips. Followers/spring/floorplate are the same as their 5.45 mags.  

It came with 1 mag, and I think that it may be a re-furbished bakelite (some of the black paint is scraping away, and I see the brown plastic underneath).

This rifle is awesome though!!!

Yep, a robarm refurb bake mag. Good to know that lightly used bakes are $5 at rpbusa.com to get you started on more :)

Those (ETA: the $5 E.German bakelites) are sold out (at RPB).BUT They have incomplete .223 conversions available for $4.25 each (only the material has been removed so they fit (the .223 AK) right). They fit my 5.45 AK74 fine, but fail to feed (round gets stripped, but flies nose up past the chamber) maybe once or twice a mag unless I hold the mag back with my hand, meaning I've gotta krazyGlue a thin piece of sheetmetal on the back to pseudo- replace what has been removed.