INDEPENDENT AUDITORS' CONSENT


    We consent to the incorporation by reference in the Registration Statement
on  Form  S-8  of our report dated March 18, 1994 appearing on page F-2 of the
Annual  Report  on  Form  10-K,  on  the  consolidated financial statements of
Homeplex  Mortgage Investments Corporation appearing on pages F-3 through F-17
of the Annual Report on Form 10-K for the year ended December 31, 1993.

                                                   KENNETH LEVENTHAL & COMPANY

Phoenix, Arizona
March 29, 1994