Well I was in the same boat being I am 5-10 and was 285 not too long ago. What I did was not the right way at first. I just didn't eat that much, maybe 2 sometimes 3 decent size meals a day, around 2000 calories and cut pop out of my life. Sticking to diet tea and those meals and still being a couch bum, I went from 285 to 255 in a few months. Didn't feel that well though to be honest and was still tired.
So I splurged some and bought me a bowflex for way to much money, but want to get my life squared away, not to mention my fiancee had a baby, so we both use it and with the way we work, we don't have much time to head out to the gym.
I have had it only a month or so and I have lost another 10 pounds, so down to 245 and right around 20 some % body fat. Not to bad and I am starting to feel better with the exercise and eating more meals of a smaller amount.
I basically work out 3 days a week and still right about 2000 calories a day and drinking more water and it seems to work for me. Goal is to get to about 200, but would be happy at 215.