Adding another answer as its the best solution to the problem. As a solution to the location timeout issue i am using react-native-geolocation-service and it works like a charm.
This library has been created to fix the location timeout issue on android with the react-native's current implementation of Geolocation API. This library tries to solve the issue by using Google Play Service's new FusedLocationProviderClient API, which Google strongly recommends over android's default framework location API.