What if our clothes could capture our body motion accurately? This paper introduces Flexible Inertial Poser (FIP), a novel motion-capturing system using daily garments with two elbow-attached flex sensors and four Inertial Measurement Units (IMUs). To address the inevitable sensor displacements in loose wearables which degrade joint tracking accuracy significantly, we identify the distinct characteristics of the flex and inertial sensor displacements and develop a Displacement Latent Diffusion Model and a Physics-informed Calibrator to compensate for sensor displacements based on such observations, resulting in a substantial improvement in motion capture accuracy. We also introduce a Pose Fusion Predictor to enhance multimodal sensor fusion. Extensive experiments demonstrate that our method achieves robust performance across varying body shapes and motions, significantly outperforming SOTA IMU approaches with a 19.5% improvement in angular error, a 26.4% improvement in elbow angular error, and a 30.1% improvement in positional error. FIP opens up opportunities for ubiquitous human-computer interactions and diverse interactive applications such as Metaverse, rehabilitation, and fitness analysis. Our project page can be seen at Flexible Inertial Poser.