I'm an MTF. I haven't started HRT yet.
I have a very feminine figure as it is now.

I'd like to lose a little bit of weight, specifically just my waist.

Is there any reason I should or should not wait until starting HRT to lose weight? I know that it can redistribute the fat in my body so I'm not sure if that could have any effect on the results from losing weight.

So should I wait until starting hormones and then work on losing weight or does it not matter?

Sorry if this question is stupid.

It is not a stupid question but is also a question that depends on the individual.  My experiences as someone who was tall and skinny with next to no fat were that I did not see real effects of HRT until I had actually put some weight on.  At the time, I tended to range between 119-125lbs...

Now, that being said, there is also the element of determining whether surgery is in your eventual plans, as I found that being in good physical shape made the recovery MUCH easier (to the point of moving around effortlessly as soon as they let me out of the bed) and without the use of most post-op pain meds.  And in that regard, it never hurts to be on an exercise regimen that works at toning certain parts of the body...

Contrary to popular belief, you can't lose weight in a specific body part.  Your body will lose weight where it wants to, and that varies from person to person.  If the only place you want to lose weight is your waist, you may want to go ahead and start.  being tall and skinny, you should notice a lot of positive changes when you put some weight on.