Git not only lets you clone from a remote URL, but it also lets you clone from directory in a local system. This opens other opportunities of being able to share your code with others. For example, you could have a shared dropbox folder that acts as a remote and everyone can pull from it. As long as you don’t commit concurrently, it isn’t too bad to act as a free place to host your git projects.
You can git clone a repository from another directory by
git clone /dir/where/project/exists /dir/where/you/want/to/work