May 26, 1995


Board of Directors
Homeplex Mortgage Investments Corporation
5333 North 7th Street, Suite 219
Phoenix, Arizona 85014

Gentlemen:

     Homeplex Mortgage Investments Corporation ("Homeplex"), a New
York Stock Exchange listed company with a clean operating history,
$58 million net operating loss, high positive cash flow and
liquidity, should be able to produce greater benefits for its
stockholders.

     For 35 years I have been a successful Wall Street investor.
My strategy in the past has been to work with management of
companies in which I have acquired a significant equity interest.
I am the second largest Homeplex stockholder and I have a plan for
safely maximizing stockholder value.  I believe that Homeplex
should acquire a company with management that has a proven track
record and has created a niche for itself in the marketplace.  That
company could be either a producer of goods or a provider of
services.  A suitable acquisition candidate would be a company that
has had stable and predictable earnings and cash flow and an
established position in its industry.

     The pre-tax earnings of the acquired company would combine
favorably with Homeplex's net operating loss to increase both
stockholders' equity and the market value of Homeplex's stock.

     I have compiled brief descriptions and audited operating
figures for five companies that I believe could be successfully
combined with Homeplex.  I have also prepared proforma financials
to show the effect of such a combination.  I would like to meet
with the Board to discuss these proposals as soon as possible.
Each of you, as a director of Homeplex, owe a fiduciary duty to
Homeplex's stockholders to maximize stockholder value.

                                 Sincerely,

                                 s/s IRA SOCHET

                                 Ira Sochet

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