If you're doing this without AAS, it makes sense to cut first, from a partitioning point of view. Overfeeding calories will be more effectively partitioned into muscle when you're leaner, so in essence, you're making any bulk you do later on more effective by stripping body fat first. Bulking now, as a natural, will likely lead to excessive fat relative to muscle gain. AAS change the game somewhat, allowing for good partitioning even at higher BF%, and also allow for steeper deficits later on (allowing for good muscle synthesis during what would otherwise be excessive overfeeding, and good preservation during substantial deficits). Drugs offer you more flexibility in that regard