SCHEDULE 14A
                                 (RULE 14A-101)
                    INFORMATION REQUIRED IN PROXY STATEMENT
                            SCHEDULE 14A INFORMATION
                   Proxy Statement Pursuant to Section 14(a)
                     of the Securities Exchange Act of 1934

Filed by the Registrant [ ]
Filed by a Party other than the Registrant [X]
 
Check the appropriate box:
 
[ ] Preliminary Proxy Statement
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
 
                   HOMEPLEX MORTGAGE INVESTMENTS CORPORATION
                (Name of Registrant as Specified in Its Charter)
 
                                   IRA SOCHET
    (Name of Persons(s) Filing Proxy Statement if other than the Registrant)
 
Payment of Filing Fee (Check the appropriate box):
 
[ ] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or
    Item 22(c)(2) of Schedule 14A.
[ ] $500 per each party to the controversy pursuant to Exchange Act Rule
    14a-6(i)(3).
[ ] Fee computed on the table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
 
     (1) Title of each class of securities to which transaction applies:
     (2) Aggregate number of securities to which transaction applies:
     (3) Per unit price or other underlying value of transaction computed
         pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
         filing fee is calculated and state how it was determined):
     (4) Proposed maximum aggregate value of transaction:
     (5) Total fee paid:
 
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule
    0-11(a)(2) and identify the filing for which the offsetting fee was paid
    previously. Identify the previous filing by registration statement number,
    or the Form or Schedule and the date of its filing.
 
     (1) Amount Previously Paid:
     (2) Form, Schedule or Registration Statement No.:
     (3) Filing Party:
     (4) Date Filed:
 
NEWS RELEASE                                   Ira Sochet
                                               5701 Sunset Drive
                                               Suite 315
                                               South Miami, Florida 33143

CONTACT:

Daniel H. Burch
MacKenzie Partners, Inc.
(212) 929-5500

FOR IMMEDIATE RELEASE:

                    5% HOMEPLEX STOCKHOLDER BEGINS PROXY FIGHT

MIAMI, FL, JUNE 5, 1995 -- Ira Sochet, the second largest stockholder 
of Homeplex Mortgage Corporation (NYSE SYMBOL "HPX") announced 
today that he had filed definitive proxy soliciting material 
with the Securities and Exchange Commission to solicit the stockholders 
of Homeplex to withhold their vote for the nominees nominated 
for election by Homeplex's Board of Directors. Mr. Sochet stated 
"I am going forward with the proxy fight because I believe that 
Homeplex's Board of Directors, and the management it has chosen 
to retain, support and reward, seem unable to devise effective 
strategies to increase stockholder value." Mr. Sochet indicated 
that if his proxy fight is successful, Homeplex's stockholders 
will have sent a strong message to its Board of Directors that 
they are dissatisfied with its current performance and that 
Homeplex needs a Board of Directors that is more responsive 
maximizing stockholder value.

     Mr. Sochet stated that he believes that the common stock 
of Homeplex, a New York Stock Exchange listed company with significant 
assets, high positive cash flow, liquidity and a $58 million 
net operating loss, is undervalued.

     For 35 years Mr. Sochet has been a successful Wall Street 
investor. Mr. Sochet's strategy in the past has been to work 
with management of companies in which he has acquired a significant 
equity interest. Mr. Sochet is the second largest stockholder 
of Homeplex and beneficially owns 559,800 shares of Common Stock 
(approximately 5.8% of the outstanding Common Stock).