Exhibit 23


                        INDEPENDENT AUDITORS' CONSENT


    We consent to the  incorporation by reference in the Registration  Statement
on Form S-8 of our report  dated  March 10,  1995  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, 1994.

                          KENNETH LEVENTHAL & COMPANY

Phoenix, Arizona
March 28, 1995