UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-KSB/A

ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 1996              Commission file
                                                         number:  33-26036

                       PROPERTY SECURED INVESTMENTS, INC.
                 (Name of small business issuer in its charter)

        State of California                       95-4075422
------------------------------------  ------------------------------------
     (State of incorporation)               (I.R.S. Employer ID #)

     5850 San Felipe Suite 500
            Houston, TX                              77057
------------------------------------  ------------------------------------
  (Address of principal executive
             offices)                             (Zip Code)

                       445 S. Figueroa Street, Suite 2600
                       Los Angeles, California 90071-1630
--------------------------------------------------------------------------
          (Former name or former address, if changed since last report)

Issuer's telephone number
including area code:                       (713) 706-6271
                            ----------------------------------------------


         Securities registered under Section 12(b) of the Exchange Act:

                          Title of Class: COMMON STOCK

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                  Yes  [X]                 No

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B, not contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB/A. [X]

State issuer's revenues for its most recent fiscal year:  $4,268

State the aggregate market value of the voting stock held by non-affiliates
computed by reference to the price at which the stock was sold, or the average
bid and asked prices of such stock, as of a specified date within the past 60
days.

AT MARCH 31, 1997 - NONE - STOCK NOT TRADED

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.

AT MARCH 31, 1997 - 356,988 SHARES OF COMMON STOCK, NO PAR VALUE

DOCUMENTS INCORPORATED BY REFERENCE
                                       1
<PAGE>
None

Transitional Small Business Disclosure Format (check one):

Yes               No    [X]
                                       2
<PAGE>
                                   SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                                          PROPERTY SECURED INVESTMENTS, INC.

Date:  March 31, 1997                      /S/ THOMAS N. THURBER
       ---------------------------------   ------------------------------------
                                           Thomas N. Thurber
                                           President and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.

Date:  March 31, 1997                      /S/THOMAS N. THURBER
       ---------------------------------   ------------------------------------
                                           Thomas N. Thurber
                                           President and Director

Date:  March 31, 1997                      /S/WILLIAM J. CARDEN
       ---------------------------------   ------------------------------------
                                           William J. Carden
                                           Director

Date:  March 31, 1997                      /S/JOHN F. ITZEL
       ---------------------------------   ------------------------------------
                                           John F. Itzel
                                           Director

Date:  March 31, 1997                      /S/PAUL E. PERKINS
       ---------------------------------   ------------------------------------
                                           Paul E. Perkins
                                           Chief Financial Officer