If you just want to share models, you can add the other project models folder into your autoload paths:
rails new test1
rails new test2
cd test1
rails g model User
cd ../test2/
# ACTION REQUIRED: edit config/application.rb adding this line
# inside the class Application < Rails::Application block:
#
# config.autoload_paths += %W(#{config.root}/../test1/app/models)
#
mkdir db/migrate
cp ../test1/db/migrate/*_create_users.rb db/
mv db/*_create_users.rb db/migrate/
rake db:migrate
rails r 'puts User.inspect'
#=> User(id: integer, created_at: datetime, updated_at: datetime)
You can also set the whole thing in order to have the two app/models
folders as private, using a third shared folder, adding this to the projects:
# config.autoload_paths += %W(/path/to/a/shared/folder)
This folder can even be not the same folder for each project, so it could be a path to a git submodule , for example (if you use GIT, I reccomend this solution).
Another option could be pointing app/models
to a shared folder with a soft link