SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C.  20549
                                     
                                 FORM 8-K
                                     
                              CURRENT REPORT
                                     
                      Pursuant to Section 13 or 15(d)
                  of the Securities Exchange Act of 1934
                                     
Date of Report:  July 31, 1995
                                     
                      TIS MORTGAGE INVESTMENT COMPANY
           -----------------------------------------------------
          (Exact name of Registrant as specified in its Charter)

        Maryland                          94-3067889
- -------------------------------       -------------------
(State or other jurisdiction of         (IRS Employer
incorporation or organization)       Identification No.)


655 Montgomery Street
San Francisco, California                   94111
- -------------------------                -----------
(Address of principal                      (Zip Code)
executive offices)

     Registrant's telephone number, including area code (415) 393-8000
<PAGE>
Item 5.  Other Events
- ---------------------

     On July 19, 1995, the Company purchased a 120 unit multi-family
condominium apartment complex in Fresno, California and also purchased
approximately 9.75 acres of adjoining land which is zoned and plotted for
future development as part of that complex.  The apartment complex is
commonly known as the "Villa San Marcos" apartments.  As of the date of
acquisition, the property's occupancy rate was 97%.

     The aggregate purchase price was $9,000,000 for the apartments and
$1,000,000 for the land.  The assets were acquired for cash, subject to the
assumption of a first mortgage loan of approximately $6,086,000 and were
acquired from unrelated third parties.

     Although not a "significant acquisition" pursuant to the rules
governing the reporting of transactions under this Current Report on 8-K,
the Company considers these transactions to be material in nature and
reflective of substantial progress towards efforts to strategically invest
in multi-family properties in the Central Valley of California.

     During July, the Company sold eleven of its Mortgage Derivative
Investments for $6,874,000. The funds were used to retire $3,898,000 of
short-term debt and the balance applied towards the purchase of these multi-
family properties.

     During July, the Company also entered into a Loan and Security
Agreement with Paine Webber Mortgage Securities Inc. whereby the Company
can pledge mortgage instruments as collateral for a short-term loan.  The
Company pledged a mortgage derivative instrument worth approximately
$1,100,000 for a loan of $485,000 and these funds were also applied towards
the purchase of these multi-family properties.
                                     

SIGNATURES

     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 hereunto duly authorized.

                                     TIS Mortgage Investment Company

Date:  July 31, 1995              BY:  /s/  John E. Castello
      -------------------            ---------------------------
                                     John E. Castello, Executive Vice
                                     President and Chief Financial Officer
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SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C.  20549
                                     
                                 FORM 8-K
                                     
                              CURRENT REPORT
                                     
                      Pursuant to Section 13 or 15(d)
                  of the Securities Exchange Act of 1934
                                     
Date of Report:  July 31, 1995
                                     
                      TIS MORTGAGE INVESTMENT COMPANY
           -----------------------------------------------------
          (Exact name of Registrant as specified in its Charter)

        Maryland                          94-3067889
- -------------------------------       -------------------
(State or other jurisdiction of         (IRS Employer
incorporation or organization)       Identification No.)

655 Montgomery Street
San Francisco, California                   94111
- -------------------------                -----------
(Address of principal                      (Zip Code)
executive offices)

     Registrant's telephone number, including area code (415) 393-8000
Item 5.  Other Events
- ---------------------

     On July 19, 1995, the Company purchased a 120 unit multi-family
condominium apartment complex in Fresno, California and also purchased
approximately 9.75 acres of adjoining land which is zoned and plotted for
future development as part of that complex.  The apartment complex is
commonly known as the "Villa San Marcos" apartments.  As of the date of
acquisition, the property's occupancy rate was 97%.

     The aggregate purchase price was $9,000,000 for the apartments and
$1,000,000 for the land.  The assets were acquired for cash, subject to the
assumption of a first mortgage loan of approximately $6,086,000 and were
acquired from unrelated third parties.

     Although not a "significant acquisition" pursuant to the rules
governing the reporting of transactions under this Current Report on 8-K,
the Company considers these transactions to be material in nature and
reflective of substantial progress towards efforts to strategically invest
in multi-family properties in the Central Valley of California.

     During July, the Company sold eleven of its Mortgage Derivative
Investments for $6,874,000. The funds were used to retire $3,898,000 of
short-term debt and the balance applied towards the purchase of these multi-
family properties.

     During July, the Company also entered into a Loan and Security
Agreement with Paine Webber Mortgage Securities Inc. whereby the Company
can pledge mortgage instruments as collateral for a short-term loan.  The
Company pledged a mortgage derivative instrument worth approximately
$1,100,000 for a loan of $485,000 and these funds were also applied towards
the purchase of these multi-family properties.
                                     

SIGNATURES

     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 hereunto duly authorized.

                                     TIS Mortgage Investment Company

Date:  July 31, 1995              BY:  /s/  John E. Castello
      -------------------            ---------------------------
                                     John E. Castello, Executive Vice
                                     President and Chief Financial Officer