UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION

                      Washington D.C.  20549
                            FORM 10-QSB

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

  For Quarter Ended JULY 31, 2000 Commission File Number 0-28759

                 REAL ESTATE OPPORTUNITIES, INC.
      (Exact name of registrant as specified in its charter)

    Colorado                                                       84-1461919
(State  or  other  jurisdiction  of incorporation or organization)  (I.R.S.
Employer Identification No.)

    3225 E SECOND AVENUE, DENVER, COLORADO                80206
(Address of principal executive offices)                  (Zip code)

                         (303) 393-1600
       (Registrant's telephone number, including area code)


           (Former name, former address  and former fiscal year, if changed
since last report.)

Indicate by check whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the  Securities  Exchange Act of 1934
during  the  preceding  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

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

6,872,433
               Class               Number of shares outstanding  at  August
18, 2000



              This document is comprised of 11 pages.
<PAGE>
FORM 10-QSB
2ND QUARTER
                               INDEX

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements*

      Condensed,  consolidated  balance  sheet  -  July  31,  2000  (Unaudited)
      ..........................                                          3

      Condensed, consolidated statements of operations - Six months ended
      July 31, 2000 and 1999 (Unaudited)............................      4

      Condensed, consolidated statements of cash flows - Six months ended
      July 31, 2000 and 1999 (Unaudited).................................. 5

      Notes   to  condensed,  consolidated  financial  statements   (Unaudited)
 ..........................                                                6

Item 2.  Plan of operation..............................................  8


PART II - OTHER INFORMATION

Item 1.  Legal proceedings.............................................. 10

Item  2. Changes In Securities.........................................  10

Item 3. Defaults Upon Senior Securities................................  10

Item    4.  Submission of Matters To A Vote of Security Holders.......   10

Item 5.  OtherInformation............................................    10

Item 6.  Exhibits and Reports on Form 8K.............................    10

Signatures..........................................................     11





*   The  accompanying  financial  statements  are not covered by an Independent
Certified Public  Accountant's report.
                                       2
<PAGE>
<TABLE>
<CAPTION>
                  REAL ESTATE OPPORTUNITIES, INC.
                  PART 1.  FINANCIAL INFORMATION
                   ITEM 1.  FINANCIAL STATEMENTS

               CONDENSED, CONSOLIDATED BALANCE SHEET
                            (UNAUDITED)
<S>                                                <C>
                                                   JULY 31, 2000
ASSETS

Current assets:
     Cash ........................................$     170
     Notes receivable,  net........................  65,394
     Other receivables, net.........................  6,500
     Accrued interest receivable....................    200
     Prepaid expenses ..............................  5,000
                                                     77,264

Intangible assets ..................................622,177
                                             $      699,441

LIABILITIES AND SHAREHOLDERS' DEFICIT

Current liabilities:
     Accounts payable .............................$     12
     Accrued interest payable....................... 33,048
     Short term debt ............................... 69,592
     Current maturities long term debt ............. 21,500
     Total current liabilities .....................124,152

Long-term debt......................................646,010
     Total liabilities..............................770,162

Commitments.........................................    -

Shareholders' deficit:
     Common stock ..................................  6,873
     Additional paid-in capital.....................145,777
     Stock Options Outstanding ..................... 13,449
     Retained deficit .............................(236,820)
          Total  shareholders' deficit .............(70,721)
                                                $   699,441
</TABLE>
The accompanying notes are an integral part  of the condensed, consolidated
financial statements.
                                 3
<PAGE>
<TABLE>
<CAPTION>
                  REAL ESTATE OPPORTUNITIES, INC.
                  PART 1.  FINANCIAL INFORMATION
                   ITEM 1.  FINANCIAL STATEMENTS

         CONDENSED, CONSOLIDATED STATEMENTS OF OPERATIONS
                            (Unaudited)
<S>                               <C>         <C>          <C>       <C>
                              For the Three Months For the Six Months
                                  ENDED JULY 31,           ENDED JULY 31,
                                  2000        1999         2000        1999

Revenues ................... $    804   $        -      $  1,021    $     -

Operating expenses:
   General & administrative    28,908            -         48,715         -
   General & administrative -
    stock based compensation.. 16,500            -         20,100         -
   General & administrative -
    related parties ..........  4,850            -         11,350         -
   Total operating expenses... 50,258            -         80,165         -

   Loss before interest & provision
      for income tax......... (49,454)           -        (79,144)        -

Interest expense ............  18,175            -         34,084         -

   Loss before provision for
      income taxes........... (67,629)           -       (113,228)        -

Provision for income
   taxes (benefit)...........     -              -               -         -
      Net loss ..............$(67,629)   $       -     $ (113,228)  $      -




</TABLE>
The accompanying notes are an integral part of  the condensed, consolidated
financial statements.
                                 4
<PAGE>
<TABLE>
<CAPTION>

                  REAL ESTATE OPPORTUNITIES, INC.
                  PART 1.  FINANCIAL INFORMATION
                   ITEM 1.  FINANCIAL STATEMENTS

         CONDENSED, CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (Unaudited)
<S>                                                  <C>              <C>
                                                       For the Six Months Ended
JULY 31,

                                                         2000          1999
Operating Activities:
      Net cash used in operating activities...........$(65,292)       $  -
Investing activities:
      Cash paid for rights to future revenues
       from the sale of common stock, acquired
       from a related party............................(26,480)           -
      Cash paid for rights to future revenues
       from a certain note receivable, acquired
       from a related party  ..........................(14,430)           -
      Cash paid for rights to future revenues
       from real estate development, acquired
       from a related party ...........................(92,154)           -
      Cash paid for property additions ................(46,589)           -
      Cash paid for short borrowing for
        a related party ............................... (6,500)           -
            Net cash used in investing activities ... (186,153)           -
Financing activities:
      Principle payments to related party on notes
       payable.........................................(29,490)           -
      Principle payment to shareholder note.............(6,000)           -
      Proceeds  from  short-term  borrowing ............30,000            -
      Proceeds from exercised stock options ............23,425            -
      Proceeds from the sale of common stock,
            net of offering costs .....................219,614            -
            Net cash provided from financing
             activities .............................. 237,549            -

      Net change in cash ..............................(13,896)           -
      Cash at beginning of period ..................... 14,066            -
            Cash  at  end  of period .................$    170  $         -


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

      Cash paid for interest  ........................$  1,010  $         -
      Cash  paid  for  income  taxes  ................$      -  $         _

</TABLE>
The  accompanying  notes  are  an  integral part of the condensed, consolidated
financial statements.
                                       5
<PAGE>
                  REAL ESTATE OPPORTUNITIES, INC.
       NOTES TO CONDENSED, CONSOLIDATED FINANCIAL STATEMENTS
                            (Unaudited)

NOTE 1:  BASIS OF PRESENTATION

     The financial statements presented  herein  have  been prepared by the
     Company in accordance with the accounting policies  in  its annual 10-
     KSB  report  date  January 31, 2000 and should be read  in conjunction
     with the notes thereto.

     In the opinion of management,  all  adjustments  (consisting  only  of
     normal  recurring  adjustments)  which are necessary to provide a fair
     presentation of operating results  for  the  interim  period presented
     have  been made.  The results of operations for the periods  presented
     are not  necessarily  indicative of the results to be expected for the
     year.

     Interim financial data presented herein are unaudited.

NOTE 2: INTANGIBLE ASSETS

     Intangible assets consisted of the following at July 31, 2000:

     Rights to interest in commercial real estate acquired
          from related party......................................$30,526
     Rights to interest in residential real estate development
          including water rights, from related party .............499,899
      Rights to interest in proceeds from the sale of
          American Tire Corporation common stock...................91,752
                                                              $   622,177

NOTE 3: RELATED PARTY TRANSACTIONS

     During the six months ended July 31, 2000 the Company:

          (a) rented office space from an affiliate at a cost of $2,900 and
          $6,650 for the three months and  six  months ended July 31, 2000,
          respectively.

          (b) paid an affiliate $600 and $1,200 for accounting services for
          the three months and six months ended July 31, 2000, respectively.

          (c)  paid  an affiliate $2,000 and $3,500 for consulting services
          related to real  estate property investments for the three months
          and six months ended July 31, 2000, respectively.

NOTE 4: LONG-TERM DEBT

     Notes payable, related  parties  consists  of the following as of July
31, 2000:

     Note payable to Asset Realization, Inc. (an affiliate),
          collateralized  by  a  first  deed  of  trust,  at  13.5  percent
          interest, with interest due August 1, 2000 and $46,045
          due August 1,2001 ................................$   40,261



                                 6
<PAGE>

                  REAL ESTATE OPPORTUNITIES, INC.
       NOTES TO CONDENSED, CONSOLIDATED FINANCIAL STATEMENTS
                            (Unaudited)

     Note payable to Krupka-Brophy Profit Sharing Plan (an affiliate),
          collateralized by a first deed of trust, at 9 percent interest,
          with semi-annual payments fo $39,730 and a balloon payment
          of $503,410 due February 3, 2002................... 513,960
                                                              554,221
          Less current maturities............................  15,779
                                                         $    538,442

     Notes payable, other consists of the following as of July 31, 2000:

     Note payable to an unrelated third-party, collateralized by a
          first deed of trust, at 13.5 percent interest, with semi-annual
          payments fo $6,338 and a balloon payment of $32,971
          due February 3, 2002 ...........................$    38,387
     Note payable to an unrelated third-party, collateralized by a
          first deed of trust, at 13.5 percent interest, with semi-annual
          payments of $5,363 and a balloon payment of $53,520
          due February 3, 2002 ............................    53,402
                                                               91,789
          Less current maturities .........................     5,721
                                                           $   86,068

NOTE 5: INCOME TAXES

     The  Company records its income taxes in accordance with Statement  of
     Financial  Accounting  Standard No. 109, "Accounting for Income Taxes.
     The Company incurred net  operating losses during the six months ended
     July 31, 2000 resulting in  a  deferred  tax  asset,  which  was fully
     allowed  for,  therefore  the  net  benefit and expense result in $-0-
     income taxes.

NOTE 6: STOCK OPTIONS

     During the first quarter ended April  30,  2000  the  Company  granted
     options  of  200,000  shares  of  its  common stock for services.  The
     options were vested and exercisable as of the grant date and expire on
     March 1, 2005.  On May 2, 2000 and July  18,  2000 the Company granted
     options for 200,000 shares and 150,000 shares,  respectively,  of  its
     common  stock  for  services in accordance with the terms of its stock
     option agreement.  The  options  were vested and exercisable as of the
     grant  date  and  expire  on  May  2,  2001  and  December  31,  2001,
     respectively.  Following is a schedule of  the options and the related
     strike prices:
<TABLE>
<CAPTION>
               OPTION    NUMBER              EXERCISE
               GROUP     OF SHARES           PRICE
              <S>        <C>            <C>
               No. 1     200,000        $    0.080
               No. 2     200,000        $    0.275
               No. 3     150,000        $    0.275

     The weighted average exercise price for the options was $0.204 at July
     31,  2000.   As of July 31, 2000 the  market value  of  the  Company's
     common stock, as determined by a national quotation system, was $0.150
     per share.

                                 7
<PAGE>

                  REAL ESTATE OPPORTUNITIES, INC.
       NOTES TO CONDENSED, CONSOLIDATED FINANCIAL STATEMENTS
                            (Unaudited)

The status of the Company's stock option plan is summarized as follows:

</TABLE>
<TABLE>
<CAPTION>
                                   NUMBER         WEIGHTED AVERAGE
                                   OF SHARES      EXERCISE PRICE
<S>                              <C>               <C>
   Outstanding at January 31, 2000    -             $         -
   Granted                        550,000                  0.204
   Exercised                      227,000           $      0.103
   Canceled                           -             $         -
   Outstanding at July 31, 2000   323,000           $      0.275

</TABLE>
     The   Company   continues  to  account  for  non-employee  stock-based
     compensation in accordance with SFAS 123.

     The weighted average  fair  value  of  options  granted during the six
     months ended July 31, 2000 estimated on the date  of  grant  using the
     Black-Scholes  option-pricing  model  was $0.077 per share.  The  fair
     value of the options granted is estimated  on  the date of grant using
     the following assumptions: dividend yield of zero, expected volatility
     of  40.00  percent, risk-free interest rate of 5.80  percent,  and  an
     expected life of three years.

NOTE 7: SHAREHOLDERS' DEFICIT

     Below is a reconciliation  of the number of shares of the Registrant's
     outstanding common stock:
<TABLE>
<CAPTION>
     <S>                                                       <C>
     January 31, 2000 balance .................................   751,750
     April 4, 2000 common stock dividend ......................   375,875
     Number of shares of common stock outstanding prior to
          recapitalization .................................... 1,127,625
     July 31, 2000 exercise of common stock options............   227,000
     July 31, 2000 sale of common stock for the quarter this
      report relates ..........................................   284,831
     April 6, 2000 number of shares issued in recapitalization..5,232,977
     Number of shares outstanding at July 31, 2000 ............ 6,872,433
</TABLE>


                  PART 1.  FINANCIAL INFORMATION
                    ITEM 2.  PLAN OF OPERATION

FORWARD-LOOKING STATEMENTS.

The  following discussion contains forward-looking statements regarding our
Company, its business, prospects and results of operations that are subject
to certain  risks  and  uncertainties posed by many factors and events that
could cause our actual business,  prospects  and  results  of operations to
differ  materially  from  those  that  may be anticipated by such  forward-
looking   statements.   Factors  that  may  affect   such   forward-looking
statements include, without limitation: our ability to successfully develop
new products  for  new  markets, the impact of competition on our revenues,
changes in law or regulatory requirements that adversely affect or preclude
clients  from  using our products  for  certain  applications,  delays  our
introduction of new products or services, and our failure to keep pace with
emerging technologies.  No product


                                 8
<PAGE>

                  REAL ESTATE OPPORTUNITIES, INC.

                   PART 1. FINANCIAL INFORMATION
                     ITEM 2. PLAN OF OPERATION

research and development is planned for the next twelve months.

When used in this  discussion,  word  such  as  "believes",  "anticipates",
"expects",  "intends"  and  similar  expressions  are  intended to identify
forward-looking statements, but are not the exclusive means  of identifying
forward-looking  statements.   Readers  are  cautioned  not to place  undue
reliance on these forward-looking statements, which speak  only  as  of the
date  of  this  report.  Our Company undertakes no obligation to revise any
forward-looking statements in order to reflect events or circumstances that
may subsequently arise.  Readers are urged to carefully review and consider
the various disclosures  made  by us in this report and other reports filed
with  the  Securities  and  Exchange  Commission  that  attempt  to  advise
interested parties of the risks and factors that may affect our business.

Organized on January 1, 2000  we  acquired  Monument  Galleries, Inc., in a
reverse  acquisition,  on  April  6,  2000.   We  are  in  the real  estate
opportunities  business.  Monument Galleries, Inc. was in the  retail  arts
and craft industry  before  selling  that  business  back  to its principle
shareholders  and  merging  with  us.   The  Company  does  not expect  any
significant changes in the number of employees in the next twelve months.

In  the  first  quarter ended April 30, 2000 we acquired a 41% interest  in
commercial real property  from an affiliate.  For the period ended July 31,
2000 we have received $482  and  $-0-, respectively  in rent and management
fees.  It is our intent to develop  the property into condominiums and sell
the property during 2001, subject to the availability of financing.

We previously acquired a note from an  affiliate  during  the first quarter
that was collateralized by real property.  The note was in  default  and we
have  foreclosed  on  the  note.   We  also  had assumed three related debt
obligations  when  we  acquired the note.  We are  liable  under  the  debt
obligations only to the  extent that we receive proceeds from the note.  On
August 7, 2000 the debtor  filed  for  protection  under  Chapter 13 of the
United  States Bankruptcy Court.  It is anticipated that the  Company  will
either receive  payment  in full plus additional interest at which time the
debt obligations would be  retired,  or  be given the deed to the property.
Upon  receipt  of  the  deed,  the property  will  be  sold  and  the  debt
obligations retired.  The Company  expects  the  bankruptcy procedure to be
completed during the third quarter of this year.

During the first quarter ended April 30, 2000 we used  cash, stock and debt
in order to fund an acquisition of property from an affiliate.   Our   plan
is  to  develop  this property and sell lots to builders beginning in 2001.
Our balance sheet  reflected  notes  payable  totaling $646,010 at July 31,
2000.  Since the notes payable mature over three  years  (with  most of the
principle  due  in  the  third year), we plan to use the proceeds from  lot
sales to retire this debt.  There is no assurance that the development will
take place or be profitable.   For  the  six  months  ended  July 31, 2000,
additions  to  the improvements in the property totaled $18,989  and  $-0-,
respectively.

In the first period  ended April 30, 2000 we acquired the right to proceeds
from the sale of 67,888  shares  of  American Tire Corporation (ATC) common
stock from Platinum Financial Fund, LLC, an affiliate.  The ability to sell
the ATC shares is subject to Rule 144  of  the  Securities  Act of 1933, as
amended.   Once  this  restriction  is  lifted  (September  2000,  at   the
earliest), we plan to sell all or a portion of our holdings.  Proceeds from
the  sale  will be used to fund current and future projects.  The ATC stock
is traded in the over-the-counter market and its price fluctuates.  We have
not lined up  a  buyer  for  the  stock,  once  the Rule 144 restriction is
lifted.  As of July 31, 2000 the closing price of  the  ATC stock was $2.75
per share.

On July 24, 2000 we loaned money to an affiliate in the amount of $6,500 to
be repaid with the affiliate's share of the proceeds from the first sale of
ATC  stock.   The  total amount to be received from the affiliate  will  be
$8,500 of which the  $2,000 of proceeds will be used in the ordinary course
of business operations.



                                 9
<PAGE>

                  REAL ESTATE OPPORTUNITIES, INC.
                  PART 1.  FINANCIAL INFORMATION
                    ITEM 2.  PLAN OF OPERATION


This is our second quarter  of  operations  as  a real estate opportunities
business.   We  conducted minimal income producing  operations  during  the
period for which  this  Quarterly  Report is filed.  Our expenses consisted
principally of accounting, legal, and  interest  expense.   We  were not in
existence during the year earlier period.

We  sold  founder's shares to friends and relatives which provided  $90,010
and on March  15,  2000 we commenced a private offering of 1 million shares
of our common stock,  at  $.15  per  share.   For  the three months and six
months  ended  July  31,  2000  the stock sales provided  capital  totaling
$19,550  and $219,614,respectively,   net  of  the  costs  of  the  private
offering.   Stock  options  were  issued  totaling  550,000  shares  with a
weighted  average  exercise  price  of  $.204 per share.  Outstanding stock
options expire between May 1, 2001 and December  31,  2001of  which 227,000
shares have been exercised.

Our short-term debt obligations, totaling $69,592, will be retired  only to
the  extent  that  we  receive  proceeds  from  the  sale  of collateral or
redemption  of  the  note.  During the period ended July 31, 2000  we  made
principle payments on  notes  payable totaling approximately $30,000 to the
affiliates  noted  above.   Our liquidity  and  financial  health  will  be
dependent upon the success or failure of our rights.

                    PART 11 - OTHER INFORMATION
Items 1 Through 5 - No response required.

Item 6 - Exhibits and reports on Form 8-K.
          (a) Exhibits
                    27* Financial Data Schedule.
          (b) Reports on Form 8-K were dated:
                    May 23, 2000
                    April 14, 2000
                    April 6, 2000























                                10
<PAGE>

                  REAL ESTATE OPPORTUNITIES, INC.

                            SIGNATURES

The financial information furnished  herein  has  not  been  audited  by an
independent   accountant;  however,  in  the  opinion  of  management,  all
adjustments (only  consisting of normal recurring accruals) necessary for a
fair presentation of  the  results of operations for the three months ended
July 31, 2000 have been included.

Pursuant to the requirements  of  the  Securities and Exchange Act of 1934,
the Registrant has duly caused this report  to  be  signed on its behalf by
the undersigned thereunto duly authorized.




                              REAL ESTATE OPPORTUNITIES, INC.
                              (FORMERLY MONUMENT GALLERIES, INC.)
                              (REGISTRANT)



Date: AUGUST 23, 2000          By:    /S/  F. JEFFREY KRUPKA
                               F. Jeffrey Krupka, President

















                                11