UNITED STATES
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: November 6. 2000
REII INCORPORATED
(Formerly Bap Acquisition Corp.)
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Exact name of registrant as specified in its charter
Delaware 21-16563-B 51-0373976
___________________________ ____________ _________________
(State or other Jurisdiction (Commission (IRS Employee
of Incorporation) File number) Identification No.)
1051 Fifth Avenue North, Naples, FL 34102
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(Address of Principal Executive Office) (Zip Code)
(941) 261-3396
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(registrant's Telephone Number
Including area code)
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ITEM 1. N/A
Item 2. Disposition of Assets
On October 23rd,2000 & November 3rd,2000, REII Incorporated (the "Company")
disposed of Two (2) rental properties owned by the its subsidiary Ricketts
Enterprises Of Naples Inc.
The total selling price and sale expenses of the properties are as
follows:
5384 24 Ave SW, Golden Gate FL. 34116 $ 165,000
5055 27 Pl. SW. Golden Gate FL. 34116 $ 116,000
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$ 281,000
Sales expenses Including Commissions $ 13,565
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Total Received $ 267,435
Two (2) Residential Rental Properties $ 266,000
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Net Reduction $ 266,000
These Transactions also reduces the Company's Debt by $ 266,000
A description of the properties and related reduction in mortgages are
as follows.
Property Purchase Note
Price Value
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Property Description and Financing Arrangement
1) 5384 24th Avenue SW, Naples, Florida-
Three residential rental units $150,000
Mortgage with Washington Mutual Bank
in the amount of $105,000, payable in
monthly payments of $523 including
principal and interest at the bank's
index plus 2.85% (effective rate of
7.818% at March 15, 2000), due February 2030.
Mortgage will be recasted annually on
March 1st to reflect the new interest rate. $105,000
Mortgage with Garfield Ricketts, a 62%
stockholder, in the amount of $45,000,
payable in monthly payments of $315
including principal and interest at 7.5%,
due February 2030. 45,000
2)
5055 27th Place, SW Naples, Florida -
Two residential rental units 112,000
Mortgage with Washington Mutual Bank
in the amount of $78,400, payable in
monthly payments of $390 including
principal and interest at the bank's
index plus 2.85% (effective rate of
7.818% at March 15, 2000) due February
2030. Mortgage will be recasted annually
on March 1st to reflect the new interest rate. 78,400
Mortgage with Garfield Ricketts, a 62%
stockholder, in the amount of $33,600,
payable in monthly payments of $235
including principal and interest at 7.5%,
due February 2030. 33,600
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Totals 266,000 $ 266,000
Rental Income and expenses for the period of acquisition are as follows:
March 2000 to October 2000
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Rental Income $23,710
Expenses $23,372
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Net Income (Loss) $ 338
The expenses includes depreciation, taxes and debt service for the period,
REII plans to liquidate all of the properties owned by its subsidisry
Ricketts Enterprises Of Naples to reduce the Company's debts in order to
improve the Company's profit margin.
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, thereunder duly authorized
Dated November 6, 2000
REII INCORPORATED
by /s/ Garfield Ricketts by /s/ Una M. Ricketts
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Garfield Ricketts-President Una M. Ricketts-Secretary/Treasurer
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