Using an electric mixer with the paddle attachment, combine the water, yeast, and olive oil until all are dissolved. Slowly add the flour and salt. When all of the flour is incorporated, switch from the paddle to the dough hook attachment. Knead the dough for 4 minutes.
Coat the interior of a large mixing bowl with olive oil, and place the dough in the bowl, turning the dough over so that the oil coats the entire outer surface of the dough. Cover the bowl with a clean towel and place in a warm, draft free area. Allow to dough to rise for 1 hour and 15 minutes.
Punch down the dough, and allow to rest for 15 minutes. Divide into 8 equal portions, and shape into pointed ovals on a baking sheet. Slash the top of the roll with a sharp knife or razor blade. Allow to rise again for 60 minutes.
Preheat the oven to 425F. When the rolls have completed their second rising, open the oven door and spray the floor of the oven 3 to 5 times with a water mister to create steam. Place the rolls quickly into the oven, so as not to lose any heat or steam.
Bake the bolillos until they are crusty and brown and sound hollow when tapped, 25 to 30 minutes. Cool slightly before serving.