Adding cloth / fabric physics to an object.

Hi, i´ve been working on a project where you clean up defferent places by picking up and dropping the stuff in there, but one of the main issues that i have is how to add a fabric simulation to said items at all time (when they´re laying around and when the player picks it up.

To put it more simple. How can i make the blue plane to behave like a regular sock (or any other fabric).

Btw, i´m just a beginner and still use only blueprints, so, if you have any tutorials or you can help me how to do it by using them i would be so glad.

Also, i´m planning to do all the physics first and then add the meshes later (will do them in blender) ¿Is this a recommended way to do it or should i model the objects first?