Using just Blender to make cloth assets on a model in UE4? Here's an actual example of a test I'm attempting. I have a small dagger, and I want to add a bit of cloth to the pommel that will flow around while swinging the dagger, or walking around. I have the dagger completely finished in terms of making the mesh, UV unwrapping etc, it's even textured. It does not however have bones. I've been importing it as a static mesh.

From various videos, I am pretty sure I need to have bones and a physics asset, therefore needing a skeletal mesh, I just need confirmation. That would mean needing a skeletal mesh for even something like a fruit stand with a tarp over it or something. I actually imported the dagger as a skeletal mesh and messed with cloth paint, but it didn't have any effect, I'm assuming since it lacks bones or physics asset for directions.

So, do I need to make anything that will have cloth physics a skeletal mesh, and will that allow me to select the different components as long as they're applied to bones? And can I do this by just modeling and rigging in Blender and then using clothpaint in UE4? Thanks.
I'll comment since I've figured this out, in case someone else is as clueless as I was. So, I modeled each part of the object, IE the dagger and the cloth. IN BLENDER, I gave the cloth and the dagger each a material (didn't change any settings). Combine them, export them and texture them, whatever. I didn't add bones or anything. 

In UE4, all I did was import it as a skeletal mesh, and opened it up. Having a material on each the dagger and the cloth allowed me to select them separately in UE4 and thus "create cloth from asset" in the engine. 

I could apply the Material I made for the combined object to both the cloth and the dagger, and it looked fine. The only purpose the material in Blender served was to allow me to select the cloth separate from the dagger in UE4. https://www.youtube.com/watch?v=MC2UlF3BWhQ&amp;t=0s&amp;index=31&amp;list=WL This video although low quality, is what helped me figure it all out.