Dude, 28lb of fat is in no way "low".
It's not low for a "skinny fat" guy and it's not low for a muscle-monster.
Look at it like this, if you've got 145lb LBM and 28lb fat, that's 16%bf. Even if you increase LBM by 30lb, your bf% only drops to 14%. Reread that a few times.
(And note, not many people increase their LBM by 30lb, even over a lifetime of lifting (naturally).)
To the original poster, I would highly recommend you begin with cutting. Doesn't matter if you're "skinny fat". Fuck all these deadbeats that scream "you gotta eat". Like they fucking know anything.
Cutting will teach you discipline far better than bulking will. When bulking, you can easily lie to yourself that you're "getting bigger", that the gains are "muscle". Yeah, right. Like it's just that easy. Go and ask someone that's been lifting 10 years how "easy" it is.
Go and tell him you "put on 40lb lean mass in 12 months". So much fucking bullshit gets posted on muscle boards by fucking teenage dreamers that don't know - and refuse to know - a damn fucking thing about this game.
But when you're cutting, there's no lying to yourself. Either that waist line starts coming in, those fat pinch tests start getting smaller and smaller and those abs start showing, or they don't. Simple. Plus you will look great naked, not like these "200lb" fat fucks.
Then, when you start "bulking" you will really notice the added muscle mass. At very low body fats, even a 2lb muscle gain is very noticable.
I don't know how new you are to working out, but if you are a beginner, you will be able to make great strength gains even while losing weight, which will be a great help to you when you do start to bulk.
In the end, it's your choice, and I don't care if you don't listen to me at all. But for your own good, make sure whatever choice you make is backed up with facts and rational, realistic thinking (which is, sadly, uncommon in the muscle world).