1. Create the repo directory (the '.' prefix is to make it hidden)

    mkdir .myrepo.git
  2. Go inside the directory

    cd .myrepo.git
  3. Initialize the git repo

    git init --bare

Our repo is now ready

to clone:

git clone /path/to/.myrepo.git where_to_clone

NOTE: the first push must be

git push origin master

And now you can work from that directory as usual ;)